Sam Burns, founder of Mill Street Research, explains why he thinks the bull market in stocks can last for much longer. He notes that many companies are still growing their earnings substantially despite inflation and economic uncertainty, and argues that the outperformance of cyclical stocks over defensive stocks is an indicator that the bull market in stocks has legs. Filmed on January 26, 2023.
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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Timestamps:
00:00 Intro
00:35 Outlook for 2023
06:00 Cyclical Stocks Are Outperforming Defensive Stocks
11:37 Stocks vs. Bonds Valuations
17:17 Earnings Growth Outlook for S&P 500 Stocks
20:46 Incentives of Sell-Side Analysts
28:35 Earnings Revisions By Sector
31:30 Permissionless Plug
32:33 China, Gold Miners, and Airlines
37:06 European Stocks
43:35 What Is Sam Most Bearish On?
45:53 The Fed
55:40 Inverted Yield Curve