Pessimists love to hate Tom Lee. The cofounder and head of research at the boutique investment research firm Fundstrat Global Advisors is known as one of Wall Street’s biggest bulls for his optimistic market forecasts. While the rosy outlook doesn’t always pay off—2022, for example, was a rough year for both Lee and Fundstrat—the former JPMorgan chief equity strategist has a knack for out-of-consensus calls that turn out to be right. And he's done it again this year.
Last December, while most investment banks warned that 2022’s bear market would continue throughout the following year, Tom Lee told his clients to buy the dip. With inflation falling, the blue-chip index would soar more than 20% to 4,750 by year's end, he claimed.
