All Bubbles End - So You'd Better Have Some Liquidity | David Rosenberg

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Oct 26, 2025

David Rosenberg, an esteemed economist and founder of Rosenberg Research, shares his insights on the current market dynamics. He warns that we are in a significant price bubble reminiscent of the DotCom era and emphasizes the need for investors to maintain liquidity. Discussing the impact of AI on growth, he points out the stagnation in the broader economy. He also highlights risks in residential real estate and the concentrated nature of today's markets. Finally, Rosenberg stresses the importance of risk management strategies as we navigate potential downturns.

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INSIGHT

Economy Is Flat, Not Booming

The US economy is effectively flatlining with survey-based data pointing to near-zero growth.
David Rosenberg says AI spending masks broader stagnation across most sectors.

INSIGHT

AI Spending Skews Growth

AI-related CapEx drives most of the current growth while 92% of the economy lags.
Rosenberg warns overcapacity will follow heavy, concentrated AI investment.

INSIGHT

Market Prices Aggressive Future Growth

Markets price in reacceleration; current multiples imply very high earnings growth assumptions to 2030.
Rosenberg doubts those growth assumptions will materialize and expects mean reversion.

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It's easy to feel confused these days.With the stock market at all-time highs, some analysts predict this bull market has a lot longer to run as the busiiness-friendly policies of the new Administration start adding tailwinds to the economy.Others see economic growth as imbalanced, at best, and worry that overall the trend for 2026 is downwards, risking recession and a material market correction.So, which is it?For guidance, we turn to highly-respected economist & award-winning researcher David Rosenberg, founder & president of Rosenberg Research.David concludes the market is in a major price bubble not unlike the DotCom era, and advises investors to build/maintain liquidity within (at least) part of their portfolio in order to weather the bubble's bursting as well as to have dry powder to deploy at attractive valuations when it does.

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