David Rosenberg: "There Are No More Bears Left" In This Market

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**Dan Nathan** (1:06)
iConnections is the largest membership-only platform for the alternative investment industry, bringing together thousands of fund managers and allocators in one powerful hub. iConnections reimagines how the industry connects through its digital offerings and premier in-person events, empowering allocators and managers to meet, build relationships and do business anytime, anywhere. To explore more about iConnections, its events, and gain access to the members-only platform, visit iconnections.io. All right. Welcome to the Risk Reversal Podcast. I'm Dan Nathan. I'm joined by one of my very good friends. He is somebody that I have been very honored to work with back in the day. Actually, I've probably worked before where I sat on the trading desk at Merrill Lynch and I followed his work very closely and I've been very fortunate to have a front row seat to it. That would be David Rosenberg. He's the president and founder of Rosenberg Research. David, welcome back to the podcast.

**David Rosenberg** (1:58)
Thanks, Dan. It's great to be back.
It's been too long. I thought that maybe I had a runny nose last time I was on.

**Dan Nathan** (2:06)
No, you know what? You know that, David. You know that you always have a mic here and I think this could be a little housekeeping. You're gonna be in person, hopefully, not just to see your New York Yankees at some point in August, which are a game and a half back, and your Toronto Blue Jays. And I'm just saying yours, you're fine, you hail from that fine city, are 10 games back. But I think the Yankees maybe make a little run for it into the fall. But more importantly, in August, you have a book coming out in digital form. It's gonna be in print in September. And you know what we do when we have our good friends come on the podcast, we will do a giveaway for up to 100 free books and all those people. They got, yeah, they gotta basically leave a review on the Goodreads and all that sort of stuff at Amazon and everything like that. But tell us what's going on with the book. What was the impetus and give us the 411 here.

**David Rosenberg** (2:57)
Sure. Well, I like the freebie.
It dovetails with my disinflation call, which again is out of consensus. So look, I was, for about as long as I could remember, especially after my time at Merrill and during the crisis, friends, family, clients were asking me, when was I gonna write my book? You know, I started my business in January 2020, and it's 24-7. It's like I had my fourth kid. And I just put up with so many questions and I thought, okay, I'm just gonna get it done. Took me a year to write it. What it's about? It's about how a bear survived so long in the bull ring.
And it's really a compendium of my 40 years of experience in the financial business and how that collective experience has shaped my views and conviction and my general philosophy till this very day. And a lot of it is talking about the mistakes I've made and what I've learned from them. Because the beauty about mistakes is that you learn not to do them again. You'll make other mistakes. But that's why I really love this business in particular, because it's so easy to go off kilter and to be wrong for extended periods of time. So I talk a lot about my whole background and the challenges I faced, the victories when they happened, and the lessons of never to do a victory lap. And also learning from the mistakes. And I sent the book out to some of my clients and some friends. The publisher Sutherland Books just loved it. Like I did this the opposite. I didn't go to a publishing house first and market the idea. I wrote the book and they just snapped it up.