Rosenberg Research Founder David Rosenberg Returns to Excess Returns Podcast: Discussing Treasury Opportunities and Risks in an AI-Driven Stock Market

David Rosenberg, founder of the prominent macro strategy firm Rosenberg Research, recently returned to the US financial podcast 'Excess Returns' for a conversation with host Matt Zeigler. Recorded on September 16, 2026, before the Federal Reserve's policy announcement, the episode features Rosenberg explaining his bullish case for Treasury bonds, why he expects inflation and economic growth to slow, and the risks he sees in an AI-driven stock market, according to the publisher's show notes.

The discussion covers consumer spending, Federal Reserve policy, gold, international stocks, and how to translate economic outlooks into diversified portfolios. Notably, Rosenberg argues that AI exposure extends beyond technology stocks into utilities, industrials, and other sectors. He also views higher oil prices as a tax on consumers rather than evidence of sustained broad-based inflation, and discusses how slowing wage growth and falling savings shape consumer spending. The episode further explores opportunities in healthcare, consumer staples, pipelines, European stocks, and Asia, alongside his model portfolio's allocation to equities, bonds, cash, and commodities.

For readers interested in macro asset allocation and AI industry investment risks, this episode offers a window into how a seasoned strategist balances aggressive AI themes with defensive bond positions in a high-valuation environment. While no full transcript is provided, timestamps indicate detailed discussions on 'AI concentration risk beyond technology stocks' (starting at 22:53) and 'Betting against the inflation consensus' (starting at 36:43). Note that this recommendation is based on the publisher's listed topics and does not include unverified specific conclusions or predictions from the guest.