Breakfast with Dave
Hey WSO,
I was wondering if anyone who has access to David Rosenberg's "Breakfast with Dave" would mind sending me today's issue or summing up his comments on:
"Earnings … some clouds on the horizon?" "Good news … but with some caveats"
Appreciate it
I haven't read it, but if Dave Rosenberg wrote, I can almost guarantee you the summary is that:
1) Corporate margins just hit cycle highs and are unsustainably high because companies have cut the fat and now have nowhere to hide from declining revenue trends (as a result of overlevered US consumers that are cutting back discretionary spending).
2) He probably also said yields on the long-bond are 75-100 basis points too high for the deflationary environment we're in.
3) He then probably concluded by saying investors should look for yield and avoid stocks.
Rosenberg is a hick...
He should change his title to Public Relations Director @ Gluskin-Sheff Associates, Canada's largest 'macro hedge fund', even though it's really a wealth management firm.
hahah alright thanks guys
Haha loving the Dave hate. I used to read Dave every day, and generally found his conclusions appropriate (although BananaStand did do a good job of mocking his opinions). He stopped sending his email out for free, and instead required readers who weren't clients to pay 1000$ a year for the letter. Plus, they had to download this software that wouldn't allow them to forward the email to anyone. It was intense. Fuck him for that.
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