The David Lin Report The Ultimate Bull Vs. Bear Debate: Ed Yardeni & David Rosenberg
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Oct 6, 2025 
David Rosenberg, a veteran economist and founder of Rosenberg Research, and Ed Yardeni, President of Yardeni Research, engage in a spirited debate about economic growth and market forecasts. Ed touts an ambitious S&P 500 target of 10,000, citing demographic and productivity drivers, while David raises concerns over valuation and the risk of recession due to weak labor markets. They also discuss the surge in gold prices, implications of AI investment, and the potential fragility of equity markets driven by concentrated wealth.
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Bullish Economic Resilience
- Ed expects continued economic resilience and calls this the 'roaring 2020s'.
- He projects S&P 500 gains to 7,700 next year and 10,000 by decade-end if no recession occurs.
Forecasts With Risk Scenarios
- David avoids point forecasts and emphasizes risk scenarios and plan B.
- He focuses on whether markets have already priced in outcomes rather than predicting exact levels.
Valuations Signal Elevated Expectations
- Rosenberg highlights extreme valuations across multiples and the CAPE at 38 as historically high.
- He warns the market discounts double historical earnings growth over five years, a low-probability outcome.