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With civil unrest in the Middle East and North Africa showing no signs of abating and oil once again moving past the $100 US-per-barrel mark, investors are increasingly worried about the health of the economic recovery. And very few commentators are more bearish than David Rosenberg, Chief Economist and Strategist at Gluskin Sheff + Associates.
Rosenberg and Bill Webb, Gluskin Sheff + Associates’ Executive Vice President, tell BNN which positions investors should take in order to preserve their capital in the face of increasing economic and political uncertainty.
“As a firm we’ve been very bullish on energy, specifically energy companies, and this [political unrest] is more or less going to ratify that view,” Rosenberg says. “If you’re looking for places to be invested…you’re going to want to own the parts of the world where you have the inflation and that’s really still confined to the commodity sector.”
As for concerns about heightened inflation in the U.S. and Canadian economies, Rosenberg says the market is telling a different story.
“The bond market is actually—despite all the angst over stagflation and inflation—telling you this is a deflationary shock,” Rosenberg says.