Volatile markets shouldn't discourage investors from abundant buying opportunities as increasingly rich Millennials boost stocks, Fundstrat's Tom Lee says
Marketshave seesawed in recent weeks but investors shouldn't be deterred from seeking buying opportunities, Tom Leesaid. Fundstrat's managing partner said that the long-term bull case for the stock market remains intact despite Monday's sell-off.
- In the long run, Lee argued that increasingly wealthy Millennials will continue to boost
stocksto new heights as they collectively inherit $2 trillion per year.
Markets have seesawed in recent weeks but investors shouldn't be deterred from seeking buying opportunities, Tom Lee said in a Monday interview on CNBC.
"People are talking about
"We're at a moment where everyone's only seeing darkness and downside and usually that's when you want to be adding risk," he added.
Pressed on his long-term outlook for markets, Lee argued that increasingly wealthy Millennials will continue to boost stocks to new heights as they collectively inherit $2 trillion per year.
"Over the next 20 years, Millennials will inherit collectively something close to $70 trillion," said Lee. "That's a great combination for risk assets, especially stocks and crypto, because Millennials generally are buying disruptors [and are] less interested in bonds."
In a note to clients on Monday, Lee added that his fund's "central view remains that stocks will exit the month with gains," pointing to the past week of rising bond yields and crude oil as indicative of a reflationary environment.
"That suggests we should be taking a more 'half-full' view on incoming economic data," said Lee.
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