Word: sheff
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...downdraft on June 15 in stock prices was more than a result of lackluster buying. Traders were lightening portfolios as signs of continued economic weakness trumped talk of green shoots and recovery. As David Rosenberg of money manager Gluskin Sheff noted in a Monday-morning report, year-over-year economic numbers are simply awful: raw-steel production (-47.3%); lumber production (-32.6%); railway traffic (-20.1%); electrical output (-12.9%). Such negative numbers, in Rosenberg's view, "hardly paint the picture of an imminent recovery...
Chances are, there is much more unraveling - deleveraging, to be technical about it - to come. Gluskin Sheff's Rosenberg looked at the ratio of household debt to total net worth and figured that for things to fall back in line with where they've been historically, Americans would have to get rid of some $3 trillion to $5 trillion in debt over the next few years. (Read "Lidia Bastianich Saves Our Dough.") Lansing and San Francisco Fed colleague Reuven Glick ran a simulation of what would happen if U.S. consumers followed a path similar to that of Japanese businesses...
...years, and until it is complete, the economy can't fully bounce back. "Even though we're probably past the worst in the business cycle and probably even in the bear market, we're talking about something much bigger here," says David Rosenberg, chief economist at money manager Gluskin Sheff. "The largest balance sheet in the world is the U.S. household balance sheet, and it's contracting at a record rate...
Economist David Rosenberg earned his way onto Institutional Investor's All-America Research Team for the past four years by making smart market calls for clients at Merrill Lynch. Now the chief economist and strategist at Gluskin Sheff, a Toronto-based wealth-management firm, Rosenberg tells TIME contributing editor John Curran why he thinks this market rally is headed for trouble...
...career year last season. This isn’t the first time New York has signed a big name hitter to play right field. How much of a difference did Raul Mondesi make? Nada—and he was younger and a better defensive player than Sheff. Of course, Sheffield likely won’t tank like Mondesi. But he probably won’t put up last year’s numbers either. In 2002, Sheffield only had 25 homers and 84 RBIs. Yankee Stadium is hitter-friendly but more so to lefties. If Sheffield only hits 25 homers...