Episode Details

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