David Rosenberg’s Take on 2013

Just passing along some macro thoughts here via David Rosenberg….

“I think it will be a flat year for the broad equity market in 2013, but what worked in 2012 should work in 2013, namely “Safety and Income at a Reasonable Price” or SIRP.

“One thing is for sure … Interest rates are going nowhere”.

“I like corporate bonds for the most part.  Credit spreads, as an aside, are still wide enough to present an opportunity given low and relatively stable default rates.”

“The conservative investor should maintain a defensive posture.  An emphasis on fixed-income and bond proxies within the stock market.   Accumulation of cash flows is key”.

“Im still a long-term bull [on commodities].”

“I do like the loonie for a whole host of reasons.”

“As a group [REITs] seem fully priced.”

Source: Gluskin Sheff

 

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Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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