Fundstrat's Tom Lee is one of the bullish analysts on Wall Street, and he expects the S&P to end the year at 4,750, suggesting a nearly 8% upside from current levels.
On Father's Day, Lee shared four pieces of life advice from his father that have come in handy in his career.
1. Be Your Own Decision Maker: Lee's father, who is a psychiatrist, had advised him early on to make his own decision. This meant not following the crowd or the latest trends and instead doing one's own work.
Lee noted that he had followed it to the tee. He said that Fundstrat does evidence-based research, often polarizing as the crowd often disagrees.
2. When Rushed, Go Twice As Slow: Lee received this advice as a young driver. Extrapolating this to trading, he said it meant using the right timeframe.
The analyst shared an S&P chart to prove the point. After the October lows, when the index is believed to have bottomed, there were two double bottoms before it broke above a consolidation phase.
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3. Be Humble: The market is way smarter than any, and one is bound to make mistakes, Lee said.
The analyst noted that after the collapse of the Silicon Valley Bank, he tweeted that Fundstrat is not clear on which path will lead to its bullish fork but it sticks with tech stocks, especially the FAANGs.
4. Sometimes Young People Know Better: This advice from Lee's father has been critical to Fundstrat's framework, the analyst said. He noted that young people drive the future and it is how they use and adopt products/services that matter. He added that blue chips and Fortune 500 companies were all founded by young people.
“To me, this also means #AI is creating enormous opportunities,” Lee said, pointing to Nvidia Corp. NVDA and OpenAI. Many innovations are happening today, and this coupled with global labor shortage points to a tech boom, he added.
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