David Rosenberg: No Bears Left
David Rosenberg has been Wall Street's most visible bear for two years. Last week he said the setup is now more extreme than 1928.
Tech regime change is unpriced. Companies once valued as asset-light are now capital-intensive and burning cash. Multiples have not re-rated.
Disinflation surprises next. DXY down 7-8% YoY feeds lower import prices on a lag. Rosenberg expects the Fed’s next move to be a cut.
AI capex is a circular economy. Every hyperscaler is every other’s customer, so a partial spending unwind cascades non-linearly.
“No bears left” is the trade. When every skeptic converts, no marginal buyer remains.
This breakdown is for paid subscribers. Below: where Rosenberg’s bond call collides with our own bull book - the AI cash-flow data, the CUDA moat, and the fiscal math that could break the long bond even if he is right on the front end. Join to get full access.
