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Reality Check

Tdoay I got this quote from David Rosenberg:

The only thing we really learned in this extremely flashy, seven-month, 60%, nine-point multiple expansion-led rally, is that momentum investing never did become extinguished this cycle. It is really a fascinating commentary on human behavior that so many “investors” are lamenting about how “the train has left the station” without them. Please, give us a giant break! The train has left the station countless of times in the last 10 years but obviously none of these trips lasted very long because the reality is that equities have failed to generate any positive return over this time interval.

Rosenberg is chief economist for Canada's Gulskin Sheff