David Rosenberg: "There Are No More Bears Left" In This Market

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing. LEARN MORE: https://apexfintechsolutions.com/?utm... Rosenberg Research Free Trial:⁠⁠ https://hub.rosenbergresearch.com/fre... SUBSCRIBE to our newsletter: http://riskreversal.substack.com/ Dan Nathan is joined by David Rosenberg, president and founder of Rosenberg Research, for a wide-ranging conversation recorded on the final day of Q2. Rosie lays out his out-of-consensus disinflation call, arguing that with productivity now accounting for roughly 90% of US economic growth, the market and the Fed are wrong to be bracing for higher inflation and that a string of surprisingly benign CPI prints could be coming. From there, the two dig into the cracks beneath a record-setting market: a personal savings rate that's collapsed from 8% to 3%, real disposable income running at zero, and a low-end consumer leaning harder on credit cards just to stay afloat — the setup, Rosie warns, for a consumer recession few see coming. They also tackle the elephant in the market: an AI trade that's broadened from the "Mag 7" into semiconductors, memory, and names like Corning and Cisco, and the financialization underneath it — circular financing arrangements, private credit funds capping redemptions, and accounting quirks that may be flattering S&P earnings more than investors realize. Rosie explains why he's still half in equities (with a heavy tilt toward Asia, bonds, and gold), why "there are no bears left" worries him, and what a 1928 letter from Charles Merrill can teach investors about the cost of being late versus early. Plus: a look ahead to his upcoming book and ETF. Timecodes 0:00 - Intro & Book Tease 8:00 - Inflation 20:50 - Consumer 31:30 - Labor & Stock Market 43:45 - Concentration 1:03:00 - Private Credit — FOLLOW US Instagram:   / riskreversalmedia   Twitter: https://x.com/riskreversal LinkedIn:   / riskreversalmedia   #investing #stocks #stockmarket The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.