The Bull Case for 2026 — ft. Tom Lee
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Why does Tom Lee think 2026 will be a bull market?
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Our earliest childhood memories can feel so visceral.
I have this memory of my mother standing on the beach, you know, the wind whipping her hair and her jacket, calling into the wind. With my siblings out in the lake and the dam, you know, looming in the distance. But none of these memories were true.
This week on Explain It to Me from Vox. Why can't I remember being a baby?
Today's number thirty. That's the percentage of US travelers who now use generative AI tools to plan trips. Ed true story when I Enter a foreign country and have to fill out a visa form and it says profession I put chaos. Boom! That's right. That's how I roll Ed. I'm an agent of chaos coming in.
Listen to me. Markets are bigger than us. What you have here is a structural change in the wealth distribution. Cash is trash. Stocks look pretty
attractive.
Something's
gonna break. Forget about it.
I have so many travel stories, Ed. When I was a first year analyst right out of UCLA at Morgan Stanley, I don't know if you know this, but I'm not like really good with details. And before there was GPS, there was maps. And I lived in LA and my other analyst, Don Larson, We had to go to Stanford for a recruiting trip. So we're bombing to the airport. I take A right turn on La Siena instead of a left turn, and finally Don catches up with me and says, You're going the wrong way. Turn around, get to the airport, and we see the plane pull away. And then we there's one every thirty or sixty minutes in San Francisco. We're at Stanford lecturing, talking about how great Morgan Stanley fixed income was, which was a total lie.
So we went up there and started lying to people. It's the job. And then a woman comes in and says, Is Donald Larson here? And they said, Yeah and Don went out and he came back in and he was all upset. His father had had a heart attack. And because uh the plane we were we missed went down. And it was you probably you're too young to remember this, but it changed aviation history because a disgruntled employee got on the plane with a gun. And employees up until that point didn't have to go through metal detectors, pilots and crew. And he shot the pilot and the plane crashed and everyone on d on board died. Oh
my god.
And because I turned a right, we missed the plane instead of a left. Oh my god. I thought to myself Does anyone I know know that I'm even up here? And it was no, so I didn't make any calls. And of course my friend Uh this Dennis, my roommate from the fraternity. Uh was expecting me and called my mom. Yeah, my mom called my assistant and my assistant looked it up and said, Yeah, he was on that flight. And so I called my mom and my mom had friends over 'cause they thought I had gone down on this plane and she thought she was hallucinating. Um not a hallmark story here. Not a hallmark story here. But anyways, Ed, people think I'm inconsiderate 'cause I'm late all the time and I get lost a lot. I don't mind missing stuff and being a little bit late.
I it's worked out for me. It's worked out for me.
You're focused on the important stuff. That's what matters. Um, but yeah, that is crazy. I'm I'm just imagining you driving a car right now, which I can't picture. And I I I wonder, are you a good driver? 'Cause I know you don't you don't drive anymore
really. I'm a great driver 'cause I grew up in LA. And I started driving literally at the age of fifteen and a half. I got my learner's permit. And then back a California dreaming culture in California was I I'm not exaggerating.
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Chapters
8 chapters
1
Why does Tom Lee think 2026 will be a bull market?
0:00–6:25
2
How have recent black‑swan events shaped investor sentiment?
6:25–14:57
3
What role does AI play in Fundstrat’s research and valuation models?
14:57–23:33
4
Why does Tom Lee view large‑cap tech and AI stocks as overvalued?
23:33–31:51
5
Which sectors does Tom Lee consider dramatically undervalued today?
31:51–41:04
6
How does the labor‑shortage cycle affect the outlook for AI and markets?
41:04–49:29
7
What is Tom Lee’s outlook on Bitcoin and the broader crypto market?
49:29–58:02
8
Why does Tom Lee expect a modest correction in 2026 before a rally?
58:02–1:07:16
Speakers
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