Episode
David Rosenberg: "There Are No More Bears Left" In This Market
- Podcast
- RiskReversal Pod
- Published
- Jul 1, 2026
- Duration seconds
- 4350
- Processing state
not_requested- Canonical source
- https://traffic.megaphone.fm/RRM8134429328.mp3
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Summary
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing. LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE Rosenberg Research Free Trial: Rosenberg Research Free Trial SUBSCRIBE to our newsletter: http://riskreversal.substack.com/ Dan Nathan is joined by David Rosenberg, president and founder of Rosenberg Research, for a wide-ranging conversation recorded on the final day of Q2. Rosie lays out his out-of-consensus disinflation call, arguing that with productivity now accounting for roughly 90% of US economic growth, the market and the Fed are wrong to be bracing for higher inflation and that a string of surprisingly benign CPI prints could be coming. From there, the two dig into the cracks beneath a record-setting market: a personal savings rate that's collapsed from 8% to 3%, real disposable income running at zero, and a low-end consumer leaning harder on credit cards just to stay afloat — the setup, Rosie warns, for a consumer recession few see coming. They also tackle the elephant in the market: an AI trade that's broadened from the "Mag 7" into semiconductors, memory, and names like Corning and Cisco, and the financialization underneath it — circular financing arrangements, private credit funds capping redemptions, and accounting quirks that may be flattering S&P earnings more than investors realize. Rosie explains why he's…