David Rosenberg

David Rosenberg earned his BA and MA in economics from the University of Toronto. He worked as chief economist at Merrill Lynch from 2002 to 2009, where he became widely known for his bearish views on the US housing market and economy at a time when most strategists were optimistic. His predictions about the housing bubble and its consequences for the broader economy proved largely correct. He was consistently ranked as a top Wall Street economist. He subsequently joined Gluskin Sheff as chief economist and strategist, where he continued to produce widely read market commentary. He maintained a broadly bearish stance on equities for much of the 2010s, which proved incorrect as the bull market continued. In 2020 he founded Rosenberg Research, a macroeconomic research firm providing daily and weekly commentary on global economic trends, bond markets, and asset allocation. His daily "Breakfast with Dave" memo became a widely read piece among institutional investors. Rosenberg is known for his strong conviction in his views — he maintains bearish positions for extended periods even when they are wrong — and for his focus on the economic implications of demographic trends, leverage cycles, and central bank policy.