David Rosenberg is, once again, a bear in the wilderness. He actually feels pretty good about it.
"I've been through this before," says the chief economist at Gluskin Sheff + Associates, who once again finds himself where he was a few years ago - the unpopular bearish voice in the midst of a bullish market. Stocks have gone up 60 per cent since hitting a bottom a year ago, yet that has only added to Mr. Rosenberg's conviction that the markets are running on hot air and wishful thinking.
"If you are actually in the wilderness or alone, it says quite a bit about what's probably priced into the market," he says. "I think it's overvalued. I think we're still in the midst of a post-bubble credit collapse in the world's largest economy, at a time when there are ongoing concerns about fiscal finances, particularly in Europe. And I think there are legitimate question marks over an economic recovery that has so far been predicated largely by very aggressive monetary and fiscal stimulus." (more)
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