Rosenberg made one or two concessions to equities. He acknowledged that they are a long duration asset.
This comes at a time when some serious investors are questioning the value of quarterly earnings' reports and guidance. To some, short-term earnings guidance is little more than a suckers' game. Right now it seems meaningless.
But that's not where this asset class's value lies. Indeed, Wharton School Of Finance professor Jeremy Siegel reportedly estimates that 90% of the value of equities resides in the earnings a company produces starting 12 months out from the present.
And there are clearcut winners emerging from what Rosenberg considers a depression. "Microsoft has become a utility," he said. "One could say Google and Amazon are becoming utilities."
He also added that indexes and other strategies focused on dividend aristocrats are viable options. When looking for income, investors should focus "on the stability of the dividend, not the yield," he advised.