Excess Returns · Saturday, August 8, 2026
David Rosenberg and Richard Bernstein reflect on their experiences and lessons learned during the financial crisis, with Rosenberg stating it was a "great training ground" and Bernstein describing it as a learning experience that highlighted the recurring nature of bubbles. Both speakers emphasized the importance of resolve and balancing conviction with the willingness to admit when a call is wrong.
“Well, here's to the trauma bonding.”
“Look, I think, um, in my career and Dave's career, I think there's been the era of the last 20, 25, 30 years. And the era of bubbles, right? We've seen very, very loose monetary policy again and again and again. And that has created, um, you know, excess or or or misallocations of capital within the economy.”
“So, uh, for me, it was actually, uh, a great learning lesson and, and it helped me out in terms of shaping my convictions today.”