Macro Strategy - Thomas J. Lee, CFA

At Fundstrat, our Macro Strategy dives deep into the intricate webs of global economic trends, offering a panoramic view of the financial landscape. Our seasoned team harnesses a wealth of experience and data-driven methodologies to forecast market trajectories, ensuring you are equipped with actionable insights to capitalize on macroeconomic shifts. With our macro research, not only do you stay ahead of the curve, but you're also empowered with strategic intelligence to navigate market complexities with precision.

About the Strategist

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Thomas J. Lee, CFA – Co-Founder, Head of Research

Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney.

Our Approach

Actionable Investment Ideas

  • Tailored recommendations based on macro trends
  • Sector-specific actionable insights for optimal portfolio positioning
  • Frequent updates ensuring timely decision-making

Global Economic Health

  • Periodic assessments of global GDP growth
  • Evaluations of leading and lagging economic indicators
  • In-depth analysis of global trade patterns

Monetary Policies and Central Banks

  • Insights into global central bank actions
  • Predictive analysis of interest rate shifts
  • Assessment of quantitative easing impacts

Inflation Dynamics

  • Comprehensive reviews of inflationary trends
  • Insights into core vs. headline inflation
  • Evaluations of factors driving inflationary pressures

Interest Rates and Fixed Income Markets

  • Analysis of yield curves and their implications
  • Predictions on interest rate trajectories
  • Insights into global bond markets

Sector Weighting

  • Sectoral analysis based on macroeconomic shifts
  • Recommendations on sector allocations
  • Insights into emerging sector opportunities

Currency Markets

  • Deep dives into major and minor currency pairs
  • Analysis of geopolitical events affecting currency values
  • Predictions on future currency strength and weaknesses

Commodities and Energy

  • Examination of oil, gold, and other commodity price movements
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Emerging Markets

  • Comprehensive analysis of burgeoning economies
  • Evaluations of risks and opportunities in specific regions
  • Insights into trade dynamics affecting emerging markets

Demographics and Social Trends

  • Analysis of global demographic shifts
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Geopolitical Risks

  • Comprehensive assessment of global political events
  • Predictions on market reactions to geopolitical tensions
  • Analysis of potential economic sanctions and their impacts

Sustainability and Climate Economics

  • Examination of oil, gold, and other commodity price movements
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Research and Coverage

Reports

First Word

Delve deep into a holistic market overview with our "First Word" reports. Scrutinize macro indicators, current trends, and sector rotations, and unravel fact-based evidence that points towards prospective market opportunities.

VIDEO FLASH: Everyday is now a "new day" without the election cycle. The case for a 5% to 10% rally into YE remains strong

VIDEO: We highlight that Fed dovish trades and Trump win trades are the same: Buy small-caps, Bitcoin and Financials and Industrials. These groups also worked in 2016. More in today's Macro Minute Video linked here (duration: 3:25).

Thomas Lee, CFA - November 10, 2024

⚡️FlashInsights

Dive into real-time market insights with Tom Lee as he navigates through crucial market dynamics and events pivotal to macro strategy. Stay informed, stay ahead.

Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

O ur playbook for Trump win consistently been: * small caps $IWM * financials and industrials $KRE $XLF $XLI * bitcoin $BTC $SMLR $MSTR Today’s open validates these views. Stick with them. Add if you have not added exposure.

Nov 6
9:36 AM
Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

Regarding Presidential election, we watch both Nate Silver as the gold standard. But we also follow the betting markets - all the betting markets show Trump ahead - this shift took place only in the past week

Oct 10
11:12 AM

Intraday Alerts

When the market takes unexpected turns, our "Intraday Alerts" come to your rescue. These short-form reports clarify significant market-moving events, ensuring you're never caught off-guard and always make informed decisions.

INTRADAY ALERT: Sept Core CPI "hot" vs consensus, but internals show inflation still falling. Plus, too much cash on sidelines

The Sept Core CPI came in at +0.31% vs Street +0.26%. This is higher ("hot") than expected. But we think this report will have little effect on the Fed's thinking on future cuts, thus, we expect this to be not meaningful for...

Thomas Lee, CFA - October 10, 2024

Earnings

When earnings season rolls around, we've got you covered. Our comprehensive reports detail earning conditions, earning beats, and stock performance by sector, providing a clear and insightful analysis of the market's response to earnings releases.

Fundstrat 3Q24 Daily Earnings (EPS) Update – 11/11/2024

Click HERE to view the report in PDF format.  * 12 companies are reporting this week. * Of the 454 companies that have reported so far (91% of the S&P 500): * Overall, 77% are beating estimates, and those that "beat" are beating...

Fundstrat Team - November 11, 2024

Weekly Roadmap

End your week with our "Weekly Roadmap", a summary that encapsulates our expert views and closing remarks for the week. This digest is crafted to bring all market happenings and our insights into one coherent context, ensuring you're well-informed and ready for the week ahead.

Stocks Soar After Election, FOMC Reiterates Dovish Stance

"Pain is nothing compared to what it feels like to quit. Give everything you got today for tomorrow may never come." ~ Dan Gable

IWM
November 8, 2024

Media

Macro Minute Video

Visualize macro strategy insights with "Macro Minute". These concise video briefings furnish clients with a snapshot of present market opportunities and prevailing trends, ensuring you're always one step ahead in the investment game.

November 10, 2024

VIDEO FLASH: Everyday is now a "new day" without the election cycle. The case for a 5% to 10% rally into YE remains strong

VIDEO: We highlight that Fed dovish trades and Trump win trades are the same: Buy small-caps, Bitcoin and Financials and Industrials. These groups also worked in 2016. More in today's Macro Minute Video linked here (duration: 3:25).

Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

Annual Outlook

As we look ahead, our annual outlook serves as a comprehensive guide for our clients, detailing our predictions and strategies for different sectors and indexes in the upcoming year. This outlook is crucial in helping our clients position themselves for future market developments.

Market Update Webinar

Stay abreast of market trends and have your queries resolved with our Market Update webinars. These sessions are designed to provide clarity on current market conditions and assist clients in strategizing accordingly.

Special Webinars

Our special webinars are dedicated to unraveling specific market phenomena such as inflation and other vital macro metrics. These sessions provide in-depth insights, aiding clients in navigating through complex market dynamics.

CEO Interviews

Leverage our extensive network as we sit down with prominent CEOs to gain firsthand insights into the landscape of their respective sectors or sub-industries. These interviews are a goldmine of information, offering unique perspectives that can significantly impact investment strategies.

Expert Interviews

In our commitment to provide multi-faceted insights, we conduct interviews with technical experts and other key industry figures, shedding light on nuanced aspects of the market and bringing diverse perspectives to our clients.

Fund Managers Interviews

We delve into the minds of fund managers, exploring their strategies and approaches in navigating the complexities of the current macroeconomic landscape. These interviews offer a glimpse into the world of fund management, providing valuable takeaways for our clients.

Archives

Appearances Media Archives

Our researchers make appearances across a variety of media outlets including podcasts, TV shows, newspapers, and financial magazines. We diligently track and archive these appearances, creating a comprehensive media library that our clients can refer to at their convenience.

Video: Market is in "great shape" despite near-term concerns: Strategist

27 days ago

CNBC Media Archives

We maintain an archive of CNBC appearances by Tom Lee, our Head of Research, highlighting his role as a contributor of note to a premier news platform. Much more than occasional opportunities, these are regular invitations to weigh in on market-moving topics. The habit of seeing Tom on a CNBC screen underscores the degree to which the financial media recognizes his ability to consistently generate market insights – which are also available to our subscribers in greater detail and in multiple formats via our research reports, videos, webinars, and client calls.

Market's set up for a very good rally into year-end no matter who wins election: Fundstrat's Tom Lee

8 days ago

Sample Reports

Probabilities suggest "hot" Feb core CPI above consensus of +0.30%. Jan "hot" CPI drove a 3% sell-off. But with "gas in the tank," this is a buy the dip moment.

VIDEO: February CPI is reported on Tuesday. I think there’s a risk that it’s a hot number, but it’s probably similar to January when you wanted to buy that 3% pullback that follows a hot CPI. (duration: 3:40)....

AIQ
AMD
AMZN
ARM
AXP
CDNS
COIN
GOOGL
IJR
IWM
LLY
MARA
META
NVDA
NVO
PYPL
XLF
XLI
March 11, 2024
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Thomas Lee, CFA
Head of Research

January on track for >3% gain, solidifying 2024 to be positive (>92% probability) and suggests our 5,200 target might be low.

VIDEO: Even more important than FOMC or even macro this week is the Wed close.  Jan is on track to be positive and it supports our case for 5200 or even much higher (duration: 4:05).

AAPL
AMD
AMZN
ANET
AX
AXP
AYI
BELFB
BKNG
BLD
BLK
CARG
CAT
CDNS
CDRE
CMG
CRD
CRM
CRWD
CVNA
DBX
DECK
DFH
EG
ENVA
EXP
GBX
GMS
GOOGL
GRMN
GWW
HACK
HCI
HIBB
HY
IBP
IMGN
INTU
ISRG
IWM
JPM
KLAC
META
MLI
MNST
MPC
MSFT
NBIX
NEU
NFLX
NOW
NSIT
NSSC
NVDA
ODFL
OPFI
ORCL
OSW
PAGS
PANW
PBPB
PLUS
PSX
QLYS
QQQ
REX
ROCK
SCS
SEMR
SHAK
SMCI
SMLR
SSTK
TAST
TDG
TPX
TREE
TSLA
V
VRTX
WING
WSM
XLF
XLI
XLK
ZS
January 30, 2024
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Thomas Lee, CFA
Head of Research

Latest Publications

VIDEO FLASH: Everyday is now a "new day" without the election cycle. The case for a 5% to 10% rally into YE remains strong

VIDEO: We highlight that Fed dovish trades and Trump win trades are the same: Buy small-caps, Bitcoin and Financials and Industrials. These groups also worked in 2016. More in today's Macro Minute Video linked here (duration: 3:25).

November 10, 2024
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Thomas Lee, CFA
Head of Research

Inflation in focus this week with Oct CPI Wed 11/13 and PPI Thu 11/14. Stay on Target, focus on small-caps

VIDEO: Important inflation reports coming this week, CPI and PPI.  While the month over month might not show much progress for Core CPI, the overall trend in our view is that inflation is falling like a rock (duration:...

IJR
IWM
KRE
MSTR
SMLR
XLF
XLI
November 10, 2024
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Thomas Lee, CFA
Head of Research

Key Nov FOMC takeaway is Fed remains dovish. Another support for a YE rally.

VIDEO: There were several takeaways from Nov FOMC rate decision.  But the most important is the Fed is on a path to Neutral and recent developments don't change that (duration: 3:28).

IJR
IWM
KRE
MSTR
SMLR
XLF
XLI
November 7, 2024
reserach-mark image
Thomas Lee, CFA
Head of Research

VIDEO FLASH: Key Nov FOMC takeaway is Fed remains dovish. Another support for a YE rally.

VIDEO: There were several takeaways from Nov FOMC rate decision.  But the most important is the Fed is on a path to Neutral and recent developments don't change that. More in today's Macro Minute Video linked here (duration:...

November 7, 2024
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Thomas Lee, CFA
Head of Research

Book a Meeting

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