Tom Lee, Who Nailed 2023 Stock Market Rally, Shares His 2024 Market Outlook

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Tom Lee, Managing Partner and Head of Research at Fundstrat and FS Insight, returns to The Julia La Roche Show to share his market outlook. This episode was recorded on Monday, December 18 at 9amET. Lee was among the most bullish entering 2023, with a prescient call that the S&P 500 would rise 20% to 4,750 as inflation cooled off. In this episode, Lee shared his 2024 market outlook, noting it’s a year that investors shouldn’t be afraid. He expects the S&P 500 will end 2024 at 5,200, but with a caveat that most of the gains will be in the second half of the year. He pointed out that his base case is the S&P could be flat or down 5% during the first half. Looking ahead to 2024, Lee predicts positive changes in monetary policy and an earnings recovery cycle, with small caps and financials as top picks. He anticipates that small cap stocks could outperform and rally as much as 50%. He also shares his bullish outlook on Bitcoin.

Timestamps 0:00 Intro and welcome Tom Lee 1:13 Retrospective on 2023 market call, what people got wrong 5:13 Mass psychology playing a bigger role than ever 6:58 Institutional and retail investors reading from the same playbook 8:42 2024 outlook, a year investors shouldn’t really be afraid 14:12 Base case is S&P down/flat in first half, most gains in the second half 18:26 Small caps 21:10 S&P 5200 22:00 Sector positioning 24:20 ‘Permabull’ reference is a cheap shot 30:00 Bitcoin 32:00 Closing remarks #stockmarket #stocks #economy