Wall Street is an industry that rewards a herd mentality; it certainly is not a fan of contrarian thinking. Indeed, any negativity, during a bull market is officially frowned upon.
So I can relate to this surprising quote from David Rosenberg, the former Chief Economist of Merrill Lynch, now at Gluskin Sheff.
Rosenberg, who was notoriously bearish during the run up in Housing after 2004, straight to the credit crisis and market crash, notes that:
“There was a huge price to be paid for being bearish when there is a bull on your business card, trust me on that one.”
True dat . . .