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Tuesday, October 22, 2013

Josh Brown on David Rosenberg


Reformed Borker (Bork Bork Bork!) - poor David Rosenberg.

I'm sorry, I just have to quote this in its entirety:

Poor David Rosenberg.

By getting more constructive on the economy and the markets this year, he's learned the truth about many of his fans and followers - it was never about his analysis, it was always about him adding intellectual heft to their pessimism and quasi-political, partially religious desire for the collapse of the system.

Their worldview was that things were in permanent decline and his sophisticated beige-and-green charts added a veneer of respectability to their pre-existing biases.

And as David's rigorous analysis forced him to warm to the possibility of a healthy investing environment, they flipped out and turned on him.

Now they're going to blame him for the huge opportunity cost as the market rally goes into overdrive and they sit on the bench with nothing but lint in their pockets and a handful of busted junior mining stocks in their brokerage accounts.

"What the hell, Dave? You're a traitor! Your economic song and dance legitimized us! Now what?" You'll notice they're not even mad at him for being wrong, they're mad at him for changing his mind! As though a market pundit ought to think something one day and never allow the facts to interfere as the world changes around us.

They will find someone else who will carry the torch soon enough. They'll gravitate toward Harry Dent or Doug Casey or whomever else wants to be their hero / take their money. And so it goes, here in the manic phase of a historic bull market - the finger-pointing is now well underway. Statues will be pulled down, newsletter subscriptions will be canceled.

These people that would prefer Dave be loyal to their team rather than try to get it right are absolutely demented. He is fortunate to be rid of them.

It's interesting that Josh has heard of Doug Casey.

I'd add that Rosie missed a >100% advance with his bearishness, and that therefore he is little more than a clown and absolutely not worth listening to. Sorry, Rosie, but your job is to get your investors 100% long when the chance is there to make a fortune with little downside; you failed at this, you instead tried to keep everyone scared out of the market: so you are therefore a clown.

Otherwise, I pretty much agree with Josh, whose simplistic bullishness seems to be more in tune with the market than Ritholtz's "wait a sec, something should go wrong any sec now" cautiousness.

3 comments:

  1. Josh was at Cambridge House 2012 and probably heard of Casey there. http://www.youtube.com/watch?v=E_HuY8Rrxns

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    1. Was that where he did that interview where he interrogated Brent Cook on why the hel anyone would want to own junior gold?

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  2. I know he did at least one other, yeah I think it was with Cook.

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