RiskReversal Pod New Rules for an Old School Fundamentalist with David Rosenberg
Jun 25, 2025
David Rosenberg, an economist and president of Rosenberg Research, shares his insights on market volatility and economic conditions. He emphasizes that recent S&P 500 movements are driven by sentiment rather than fundamentals. The conversation dives into concerns about a potential market peak, the effects of tariff policies, and global tensions, particularly around Israel and Iran. Rosenberg warns of a contracting economy and rising risks in private equity and pension funds, suggesting that a financial crisis could be looming.
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Momentum-Driven Market Rally
- The S&P 500 rally is driven by sentiment and momentum, not fundamentals.
- Current market levels around 6,000 suggest a potential topping formation or start of a bear market.
Portfolio Discipline During Rallies
- Use market rallies as chances to reduce risk and narrow investments to your strongest ideas.
- Avoid buying broad indexes blindly; focus on diversifying with conviction themes.
Housing Market Signals Slowdown
- Housing market is transitioning from a seller's market to a buyer's market, with prices starting to deflate.
- This housing deflation is a significant indicator often overlooked that signals economic slowdown.