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Economist David Rosenberg says Canadian earnings growth will be surprisingly high through 2013. <137>Economist David Rosenberg is photographed in his office at Gluskin Sheff in Toronto on Thursday February 14, 2013. Photo: Chris Young for The Globe and Mail<137>
Economist David Rosenberg says Canadian earnings growth will be surprisingly high through 2013. <137>Economist David Rosenberg is photographed in his office at Gluskin Sheff in Toronto on Thursday February 14, 2013. Photo: Chris Young for The Globe and Mail<137>
(CHRIS YOUNG FOR THE GLOBE AND MAIL)

Facing criticism, Rosenberg defends cozying up to the bulls

David Rosenberg has been dipping his toes into the bull camp in recent months. But it hasn’t been entirely welcomed by some of his most ardent followers, who for years found common ground in his decidedly bearish take on markets and the economy.

In August, the chief economist with Gluskin Sheff made it official by issuing a special report arguing that the time has arrived to protect portfolios against inflation, rather than continue to focus on the deflationary risks that he had earlier warned could bring the economic recovery to a screaming halt. He has turned bearish on bonds and over the past year has been warming up to certain segments of equity markets.