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35-year market vet David Rosenberg warns the stock market's rally features distortions that were glaring during the tech bubble a?? and lays out his plausible scenario for a crash

35-year market vet David Rosenberg warns the stock market's rally features distortions that were glaring during the tech bubble a?? and lays out his plausible scenario for a crash
Screenshot via Bloomberg TV



Famed economist David Rosenberg is concerned about the outsized role that a few big-tech companies are playing in lifting the stock market to all-time highs.




He says their tech bubble-like valuations, and the underperformance of sectors that would be thriving during a broad-based economic recovery, portend a reversal for the broader market.




He further laid out a plausible scenario that places these mega-cap tech stocks out of favor with investors.




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With stocks back at all-time highs, it appears that the manic days of March have been fully relegated to the annals of market history.
But not everyone is ready to pop the champagne on a either a new bull market in stocks or on a new economic cycle of growth that would help extend the gains.
David Rosenberg, the famed economist and founder of Rosenberg Research, remains cautious as ever, even as bulls tally their post-crash gains. In his view, the foundations of this rally are unsustainable, and in some ways reminiscent of preconditions to the early-2000s tech implosion.
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