Hedgeye Podcasts Hedgeye Investing Summit Fall 2025 | David Rosenberg, Founder & President of Rosenberg Research & Associates
Oct 24, 2025
David Rosenberg, Founder and President of Rosenberg Research & Associates, chats with Hedgeye CEO Keith McCullough about the current economic landscape. They dive into the cooling labor market, AI's slow impact on jobs, and rising wealth inequality reshaping consumer behaviors. Rosenberg shares insights on the Fed's cautious stance due to past inflation mistakes and critiques the AI-driven stock rally as a potential bubble. He emphasizes careful capital allocation, favoring diversification and smaller miners amidst market risks.
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Hockey Take Illustrates Rate-Of-Change Focus
- David Rosenberg joked he expects the Montreal Canadiens to make the playoffs after three games.
- He uses direction over levels to assess outcomes, reflecting his rate-of-change focus.
Labor Weakness Is Demand-Driven
- The U.S. labor market is cooling and the weakness appears demand-driven rather than supply-driven.
- Job openings and wage growth are decelerating, signaling lower labor price pressure for the Fed to consider.
AI's Economic Impact Is Early And Narrow
- It's too early to attribute current labor or productivity changes to AI-driven disruption.
- AI capex is lifting measured GDP, but 92% of the economy remains flat this year.
