Greg Ritchie David Rosenberg warns that the US stock market has reached extremes unseen in his 40-year career. The founder of Toronto-based Rosenberg Research & Associates Inc. sees valuations, leverage, and investor positioning at bubble-like levels. He argues the market is overly hooked on artificial intelligence advancements, comparing the current setup to the dot-com bubble.
Rosenberg, a noted bearish strategist, shifted from Merrill Lynch to Gluskin Sheff before launching his own firm. He maintains portfolios of Treasuries and overseas equities, arguing the US is overpaying for technology exposure. He cautions that consumers are increasingly reliant on stock gains to finance lifestyles.
Rosenberg warns of severe social ramifications from the next bear market, questioning how early retirees will sustain themselves if valuations collapse. His concerns echo warnings made ahead of the 2008 crisis, highlighting deep imbalances in both the market and the broader economy.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing