David Rosenberg: Recession in 2022 Will Drive a Bear Market
The U.S. economy will be in recession in the second half of this year, according to David Rosenberg. Equity Investors should brace for a 30% bear market decline.
The Toronto-based Rosenberg started his own economic consulting firm in January 2020, Rosenberg Research & Associates, after working a decade as chief economist and strategist at Gluskin Sheff & Associates. He was the opening speaker at this year’s Strategic Investment Conference, hosted by John Mauldin.
Recall, however, that Rosenberg spoke at this conference two years ago, when he proclaimed that U.S. equity market bulls were in “fantasyland.” He was wrong. The return for the S&P 500 for the following year was 56.25%. He delivered the opening keynote again last year. He forecast that inflation would subside and was bullish on government bonds and growth stocks. None of those forecasts were accurate.