Rosenberg: Stocks “overvalued by at least 20%”
The stock market has become overheated since exploding off its March lows and could be in for a strong correction, economist David Rosenberg told CNBC.
“It is overvalued by at least 20%,” Rosenberg, formerly chief economist at Merrill Lynch and now with Gluskin Sheff & Associates, said in an interview. “But it comes down to what your view in corporate earnings (is) going to be. By the time you’re up 60% from any egregiously oversold low, you’ve already got the earnings recovery.”
Source: CNBC, October 27, 2009.
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