Fundstrat’s Tom Lee on Analyzing Stocks, Tech and Bitcoin (2024)
The stock market has had a torrid run in 2024 despite the fact that interest rate cuts haven't materialized in the way people had expected at the start of the year. In fact, outside of a few blips here and there (like spring 2020), US stocks have been phenomenal performers for years. Tom Lee, the founder of Fundstrat and FS Insight has been bullish for a long time, having caught the correct side of this lengthy trend. On this episode, we speak to the former JPMorgan strategist about how he thinks about the market, what he sees happening right now in macro and demographic trends, and why he thinks it’s plausible that the market could roughly triple in the next six years. This transcript has been lightly edited for clarity.
Key insights from the pod: Is Tom an uber bull? — 3:24 Fundstrat’s recent 5,500 target on the S&P 500 — 5:01 Describing Fundstrat’s approach — 6:14 Why markets are up — 8:35 Evaluating consumer strength — 9:45 Tom’s career as a wireless analyst — 10:37 Comparing the 2000s tech bubble with now — 12:43 Interest rates and stock valuations — 17:50 Tom’s outlook for inflation — 20:22 Fundstrat’s year-end target on the S&P 500 — 22:20 Do price targets matter and the 2030 call — 24:00 How to spot a hype cycle in tech — 26:48 Bear market signals Tom looks for — 30:06 How he comes up with Bitcoin targets — 32:53 Lessons from the post-pandemic period — 38:54
Tom Lee, the head of research at Fundstrat, issued a rare bearish call for stocks in the short-run on Monday, predicting the next eight weeks could be difficult for investors.
We are an independent financial research boutique providing strategic market insights rooted in emotion-free, evidence-based research by a team with more than a century of Wall Street experience.
Thomas J. Lee is a Portfolio Manager, Managing Director, and the Head of Research at the Sub-Advisor. Tom co-founded Fundstrat Global Advisors (an affiliate of the Sub-Advisor), a research advisory firm serving clients in over 26 countries, in 2014.
Wood boldly predicted that BTC could surge 5,837%, reaching a price of $3.8 million per coin, by 2030. Her bullish projection, coupled with the recent resurgence in market sentiment, is igniting excitement among crypto enthusiasts and investors.
Lee Equity Partners, a middle-market private equity firm, announced the final closing of Lee Equity Partners Fund IV. The fund was oversubscribed and including the General Partner commitment achieved its hard cap with total capital commitments of approximately $1.3 billion, exceeding the $1 billion target.
Only eight months after buying the company, Lee took Snapple Beverages public and in 1994, only two years after the original acquisition, Lee sold the company to Quaker Oats for $1.7 billion. Lee was estimated to have made $900 million for himself and his investors from the sale.
Forbes recently estimated his net worth at about $2 billion. Mr. Lee founded his buyout shop in 1974, drawing on an inheritance and a family loan, after working at L.F. Rothschild and First National Bank of Boston.
The firm, which is based in New York City, was founded in 2006 by Thomas H. Lee, the notable private equity investor who previously founded Thomas H. Lee Partners and also owns the Blue Star group of fund of hedge funds.
Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.
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