Listen on The Move
Is the market standing on the edge of the most consequential bubble of our lifetimes — and is no one paying attention?
In this episode of Insight Is Capital, host Pierre Daillie sits down with David Rosenberg, Founder and President of Rosenberg Research, for a searching and at times unsettling tour through the fault lines beneath today's record-high markets. With forty years in the business and a model portfolio that has delivered nearly 60% returns since 2023 at just 0.4 beta to the S&P 500, Rosenberg challenges the consensus with evidence, not emotion — making the case that investor behavior, not AI itself, has become the bubble. From the distorting effects of the "One Big Beautiful Bill" to the overlooked vulnerability of Baby Boomers holding 55% of their wealth in equities at age 70, this conversation covers terrain most commentators avoid. The result is one of the most candid, richly argued appraisals of risk, diversification, and the bond market opportunity available today.
Chapters
00:00 — Introduction and welcome
01:00 — The ROSY ETF: putting money where the model is
03:15 — Bear in the Bull Ring: Rosenberg's new book
04:30 — Calling a bubble when no one wants to hear it
06:30 — Historical parallels: tech, housing, and the Nifty 50
09:00 — Why the AI bubble has engulfed every sector
11:00 — CapEx, equity dilution, and circular financing schemes
13:30 — The revenue math behind AI: 50% CAGR or bust
15:30 — Earnings distortions and the "One Big Beautiful Bill"
20:00 — Tariffs, inflation, and the deflationary thesis
22:00 — Wages, labor costs, and what really drives consumer prices
27:00 — Fed policy under Warsh: hiking into a supply shock
36:00 — Why bonds are the most overlooked opportunity right now
39:00 — Household balance sheets: 73% equities, 7% bonds
44:00 — Consumer spending running on fumes and equity wealth
52:30 — What genuine diversification looks like in 2026
56:00 — Gold, hard assets, and the ROSY model portfolio
58:30 — The Boomer risk: 70 years old, 55% in equities
01:07:30 — Canadian equities: relative value in the land of the blind
Find David Rosenberg
Website: www.rosenbergresearch.com
- Get full access to Rosenberg Research with a free complimentary trial.
LinkedIn: linkedin.com/in/david-rosenberg-40800219b
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