Outside the Box

What Is Really Bugging the Market

January 6, 2016

My good friend David Rosenberg, Chief Economist at Gluskin Sheff, has long been one of the biggest draws at my annual Strategic Investment Conference. I had always taken him for a “permabear.” Then three years ago, Dave shocked us by announcing in no uncertain terms – in his usual fire-hose delivery of hard data and brilliant analysis – that he had turned decidedly bullish. His call was of course spot on.  

Dave will once again kick things off at this year’s SIC, and you’ll want to be there to catch his every valuable, investable word. David is only one of our all-superstar cast. At SIC we have only headliners, people who would keynote any other investment conference. You get to see them all in one place.

I can say with some justification (and a measure of pride) that SIC is the best economic gathering on the planet, and SIC 2016 is going to be our best yet. The dates are May 24-27, 2016, and this year we’ve moved the conference to Dallas, my home turf, with easy access from anywhere in the world. Just as you’ve come to expect, we’re tackling a big theme: “Decade of Disruption: Investing in a Transformed World.”

In the decade ahead, you and I will not be able to successfully invest in the same way we did in past decades. Our world is transforming at an ever-accelerating rate, and we’re going to need a more comprehensive understanding and better tools if we’re going to invest in that world profitably.

To see how SIC16 will help you with those aims and to get all the particulars on registration, click here. And don’t tarry: if you register by January 31 you’ll save $500 off the walkup rate.

And now let’s get back to Dave. To give you a taste of where he’s going these days, I’ve asked him to let me excerpt a key section from this morning’s edition of Breakfast with Dave. He asks, “What is really bugging the market?” And then he tells us, with the clarity and conviction that only a very few people in our business can muster.

OK, time to sign off and hit the sack! I just landed in Hong Kong and I already feel the jet lag oozing through my pores. I’ll be back this weekend, though, with my annual forecast issue, and I promise it will make for lively reading. I had hoped to finish it on the flight over, but I just had to finish catching up on 2015 and clear the decks for the big year ahead of us.

Your thinking that disruption means opportunity analyst,

John Mauldin, Editor
Outside the Box

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What Is Really Bugging the Market

By David Rosenberg, Gluskin Sheff + Associates Inc.
Excerpted from Breakfast with Dave, January 6, 2016

The overriding problem for the equity market remains one of valuation – not that we are in bubble territory, but more that the stock market is still quite expensive.

The price action of 2015 failed to resolve one thing, which was to correct the excess valuations that held back the market last…

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