CEO, Parisian Family Office. Began Wall Street 1982. Drexel Burnham Lambert alum. Founded investment firm, Native American Advisors, '95. White Earth Chippewa, raised on reservations. Conservative. NYSE/FINRA arbitrator. Pureblood, clot-shot free. In a world on a social media dopamine binge, he trades from GHOST RANCH on the Yellowstone River in MT, TN farm, PAMELOT or CASA TULE', his winter camp in Los Cabos, Mexico. Always been, will always be, an optimist. Answer to no one.
Monday, April 09, 2012
Ignore David Rosenberg at your peril..........
There is no free-lunch - especially if that lunch is liquidity-fueled - is how Gluskin-Sheff's David Rosenberg reminds us of the reality facing US markets this year and next. As (former Fed governor) Kevin Warsh noted in the WSJ "The 'fiscal cliff' in early 2013 - when government stimulus spending and tax relief are set to fall - is not misfortune. It is the inevitable result of policies that kick the can down the road." Between the jobs data and three months in a row of declining ISM orders/inventories it seems the key manufacturing sector of support for the economy may be quaking and add to that the deleveraging that is now recurring (consumer credit) and Rosenberg sees six rather sizable stumbling-blocks facing markets as we move forward. On this basis, the market as a whole is overpriced by more than 20%.
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