Macro Voices MacroVoices #486 David Rosenberg: Navigating Choppy Waters
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Jun 26, 2025 
David Rosenberg, founder of Rosenberg Research, offers a keen economic outlook as they dive into the fluctuations of the equity markets and rising inflation. He highlights the delicate balance between investor confidence and traditional fundamentals, warning against current market optimism. The discussion also tackles the strong performance of precious metals like gold compared to silver and platinum, alongside bearish energy market sentiments. Rosenberg emphasizes key economic indicators that could reshape investment strategies amidst ongoing geopolitical tensions.
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Market Ignores Tariffs and Conflict Risks
- The market signals tariff issues and Middle East conflicts are viewed as resolved or contained risks.
- This optimistic pricing sees no recession, falling inflation, and imminent Fed rate cuts.
Ideological War Won't End Soon
- The war between Israel and Iran is ideological, not territorial, meaning it won't end with a ceasefire.
- Markets are too news-driven now, reacting strongly to headlines rather than long-term fundamentals.
Stocks Valued as Riskless Assets
- The market values stocks as if they carry zero risk relative to Treasuries, with an equity risk premium near zero.
- Such rare valuation implies investors view stocks as riskless assets now.