The Bull Case For 2026 — Ft. Tom Lee | Prof G Markets

This week on Prof G Markets, Ed Elson and Scott Galloway are joined by Tom Lee, co-founder, managing partner, and head of research at Fundstrat Global Advisors, to break down why he’s so bullish on 2026. He also shares his outlook on Bitcoin, explains how his company is leveraging AI, and highlights the sectors he thinks are currently undervalued.

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Timestamps:
00:00 - Today’s number
00:24 - Today’s episode
07:13 - Interview with Tom Lee
07:24 - Why are you so bullish on 2026?
08:58 - Are you bullish on the Magnificent 10?
10:13 - How would you respond to my concerns that the market is shrugging concerning events and continuing to climb?
13:12 - How does your view compare to Michael Cembalest’s view for 2026?
15:35 - Could your concerns in that “Wall of Worry” trigger a correction?
20:11 - Do Big Tech companies factor into your view that AI valuations may be too high?
31:30 - Ad Break
32:49 - Do you still believe we’re going to be in a cycle of labor shortage even with AI?
36:10 - Does my timeline line up with what you’re thinking?
40:47 - How are you using AI at Fundstrat and what impact do you think it will have on your human capital?
44:33 - What are the kinds of skills that make you irreplaceable as an analyst?
48:07 - Ad Break
48:26 - Where do you stand on Bitcoin right and what do you make of what is happening in the crypto markets?
50:27 - Is the reason we don’t know what‘s happening because of the anonymity of crypto?
57:07 - Can you identify any sectors or geographies that you think are under or overvalued right now?
58:34 - How is it that you are bullish right now in a sea of bears and what do you think that says about who you are?
01:01:57 - Break
01:02:07 - Conclusion
01:05:14 - Credits

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