Rosenberg warns of most stretched market in his 40-year career

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeInvestorRosenberg warns of most stretched market in his 40-year careerAs well as the reliance on AI to power further market gains, Rosenberg warned of fragilities underlying the U.S. economyAuthor of the article:Last updated 47 minutes ago David Rosenberg, known for his bearish tilt, gained prominence after warning of a U.S. housing bubble ahead of the 2008 financial crisis. Photo by Peter J Thompson/PostmediaDavid Rosenberg said the United States stock market was increasingly looking like a bubble, with valuations, leverage and investor positioning at extremes unseen in his 40-year career.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe founder of Toronto-based Rosenberg Research & Associates Inc. sees a bull market much more hooked on the fate of artificial intelligence advancements than stocks were on tech in the run-up to the dot-com bubble. He said he’s been buying Treasuries and overseas equities in his portfolios, arguing the U.S. is “the epicentre of the technology boom” that investors are overpaying for.This advertisement has not loaded yet, but your article continues below.“I have been in the business 40 years, and I don’t remember a time when I’ve seen so many divergences, extremes and imbalances, not just in the market, but in the economy as I do today,” he said at the Grant’s Annual Fall Conference in New York. “I won’t call it a bubble if you don’t want me to. But I’m looking at stuff I haven’t seen before.”Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againRosenberg, known for his bearish tilt, gained prominence after warning of a U.S. housing bubble ahead of the 2008 financial crisis when he was chief North American economist at Merrill Lynch & Co. Later, after more than a decade at Gluskin Sheff, he left to set up his own research firm.As well as the reliance on AI to power further market gains, Rosenberg warned of fragilities in the underlying U.S. economy. In particular, he sees consumers increasingly reliant on further stock-market gains to finance their lifestyles.“I am really concerned about the social ramifications of the next bear market,” Rosenberg said, citing how workers who retire early to live off their portfolios will face bleak choices. “What’s going to happen with these people? They’re going to run to Walmart to get a job as a cashier? To find that a robot’s taking over that job?”We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.