Thanks Kim....you are always a great source of information! The one thing I do not understand and wish these interviewers would follow up on relates to food/energy not being factored into inflation. Rosenberg thinks we are in a deflationary environment and said he does not see where folks are seeing inflation. But he also admits that food and energy is not part of the CPI calculation. I would have asked him how would his views might change if food/energy were factored into the CPI.....afterall food and energy is not a "discretionary buy" but a must have.

In a deflationary environment he says buy bonds not growth stocks. He seems to like corporate bonds over government bonds as he says corporate balance sheets are in great shape. Buy longer term high quality corporate bonds. Believes trend of long term interest rates will be down. Even though is is bearish on equities, likes some dividend growth stocks such as healthcare. Thinks people should have 20% of their money in equities.

Interviewer was surprised with his deflationary viewpoint that he would then like PMs. Said gold can do well in inflationary times and in deflationary times. Gold is a hedge for lingering concerns about these high level of global debt which will linger. Plus demand for gold is going up as others diversify into it. Thinks gold will go to new highs over next several years. He doesn't buy the physical for his clients but the miners/stocks. Has the highest share of gold/silver miners in his equity portfolio than ever before. Also thinks we should be in currencies like Canadian dollars. You don't want to be in gold when we are in the 3 P's, peace, profits and price stability. But as he put it clearly we aren't there right now.