David Rosenberg on What to Do When You're Wrong
This week on our Masters in Business interview, we speak with David Rosenberg, chief economist and strategist at Gluskin Sheff.
Rosenberg, who gained a following as Merrill Lynch's chief economist for North America, describes how his role as an economist and strategist shifted once he moved from the sell side (as brokers are known) to the buy side (asset managers and mutual funds). It required a radical reconsideration of how he thought about risk and what one should do when you discover you are wrong. Having a "degree of conviction" as well as a "Plan B (and C and D and . . . )" are keys to advising portfolio managers and others who run money professionally, he said. It was a stark contrast from merely opining on markets and the economy with little or no consequences for being wrong. During the podcast, we were joined by Bloomberg economist Richard Yamarone.
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