The Master Investor Podcast with Wilfred Frost Tom Lee: A New 10 Year Bull Market Has Begun
Aug 28, 2025
Tom Lee, the founder of Fundstrat Global Advisors, discusses his prediction for a new 10-year bull market, driven by demographic trends. He argues that concerns over inflation are overstated and emphasizes the need for Federal Reserve independence. Tom highlights his top investment picks, including Palantir and JPMorgan Chase, while shedding light on the importance of understanding those companies. He also shares insights on market warning signs, noting that none are currently flashing, and encourages investors to think long-term rather than merely trading.
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Demographics Drive Market Cycles
- Demographics explain most bull and bear market cycles since 1890 according to Tom Lee.
- Millennials peaking around 2035 suggests a long-term bull market runway into that year.
This Is A New Bull Market
- Lee says we are in a new bull market despite recent volatility and two 20% drawdowns since 2020.
- He cites a growing prime-age US workforce, large wealth transfer and tech (AI/blockchain) as structural tailwinds to 2035.
Fed Independence Matters
- Fed independence matters because its words move markets, CEOs and policy instantly.
- Lee expects market pressure will keep the Fed functionally independent and Powell to serve his term.