Tom Lee (@fundstrat), managing partner and head of research at Fundstrat and FS Insight, joins Julia La Roche on episode 60 to discuss macro and markets.
In this episode, Tom makes a case that the markets bottomed in October 2022, and stocks have already been in an uptrend. He also shares what he thinks the bears are getting wrong.
With nearly 30 years of macro markets and equity research experience, Lee is one of Wall Street's most widely recognized and followed macro strategists. He’s best known for his evidence-based work on equity markets and fast-growing technologies, including digital assets and wireless technologies.
Viewers and listeners of The Julia La Roche Show get a complimentary 30-day membership to FS Insight by using this link: http://fsinsight.com/julialaroche
0:00 Intro
0:31 30 years on Wall Street
3:10 How markets work
5:19 Psychology plays a far bigger role than people realize
5:54 Macro outlook
7:01 Inflation appears to be slowing
8:03 Stock market is starting to see that the valley is behind us
9:18 Inflation peaked last year
10:31 Market bottomed in October 2022
10:50 Two things happened that is a big deal for the market
12:05 What are the bears missing?
13:58 Stock market was bad between February and October
14:49 Bias in the markets
16:50 Contrarian
19:21 Recognizing biases
22:22 Investors have to pay attention to people in their 20s, 30s
23:50 Tech is more important than any other decade
25:28 Only two ways to solve the labor shortage
28:00 Thoughts on AI and large language models
31:59 The Fed
36:13 Stock market is a good discounting mechanism
38:17 Yield curve is important to respect
42:20 Why have we avoided a recession?
45:00 Tech layoffs
51:06 Contrarian ideas
55:35 Biggest risk
