罗森伯格表示，美国股市越来越像一个泡沫，其估值、杠杆率和投资者持仓都达到了他40年职业生涯中前所未见的极端水平。
Rosenberg said the US stock market was increasingly looking like a bubble, with valuations, leverage and investor positioning at extremes unseen in his 40-year career.
这位总部位于多伦多的Rosenberg Research & Associates Inc.的创始人认为，当前牛市对人工智能进步的依赖程度远超过互联网泡沫时期对科技的依赖。
The founder of Toronto-based Rosenberg Research & Associates Inc. sees a bull market much more hooked on the fate of artificial intelligence advancements than stocks were on tech in the run-up to the dot-com bubble.
他在投资组合中增加了国债和海外股票的比例，认为美国正处于投资者过度追捧的‘科技繁荣’的中心。
He said he’s been buying Treasuries and overseas equities in his portfolios, arguing the US is “the epicenter of the technology boom” that investors are overpaying for.
他在纽约举行的Grant年度秋季会议上说：‘我在这个行业已经工作了40年，从未见过像现在这样市场、经济中存在如此多的分歧、极端情况和失衡现象。’虽然他不愿明确称之为泡沫，但他指出的情况确实前所未见。
“I have been in the business 40 years, and I don’t remember a time when I’ve seen so many divergences, extremes and imbalances, not just in the market, but in the economy as I do today,” he said at the Grant’s Annual Fall Conference in New York. “I won’t call it a bubble if you don’t want me to. But I’m looking at stuff I haven’t seen before.”
罗森伯格以悲观的观点而闻名，在2008年金融危机前曾警告美国房地产泡沫，当时他是美林公司的首席北美经济学家。
Rosenberg, known for his bearish tilt, gained prominence after warning of a US housing bubble ahead of the 2008 financial crisis when he was chief North American economist at Merrill Lynch & Co. Later, after more than a decade at Gluskin Sheff, he left to set up his own research firm.
在Gluskin Sheff工作十多年后，他创立了自己的研究机构。
As well as the reliance on AI to power further market gains, Rosenberg warned of fragilities in the underlying US economy.
除了对人工智能推动市场进一步增长的依赖外，他还警告美国经济存在脆弱性，尤其是消费者越来越依赖股市上涨来维持生活方式。
In particular, he sees consumers increasingly reliant on further stock-market gains to finance their lifestyles.
他担心下一次熊市的社会影响，指出提前退休依靠投资组合生活的工人将面临严峻的抉择：‘这些人会去沃尔玛当收银员吗？还是会发现那份工作已经被机器人取代了？’
“I am really concerned about the social ramifications of the next bear market,” Rosenberg said, citing how workers who retire early to live off their portfolios will face bleak choices. “What’s going to happen with these people? They’re going to run to Walmart to get a job as a cashier? To find that a robot’s taking over that job?”