Tom Lee
Equity Strategy, Market Sentiment, and Cycles
Tom Lee is known for market strategy work that blends macro indicators, earnings trends, and investor positioning, often highlighting contrarian setups and identifying asymmetric risk/reward opportunities.
⚠️ Disclaimer
This article is for educational purposes only and does not constitute investment advice.
From JPMorgan to Fundstrat: Becoming the Permabull Strategist
Thomas Lee spent over two decades at JPMorgan Chase, rising to become Chief U.S. Equity Strategist. During his tenure, he built a reputation for quantitative, data-driven market calls that integrated macro liquidity, earnings revisions, and sentiment indicators. In 2014, Lee co-founded Fundstrat Global Advisors with Rob Sluymer and Sam Doctor to provide independent equity research, technical analysis, and thematic investment ideas.
Lee is perhaps best known—and sometimes criticized—for his consistently bullish S&P 500 targets. Even during market panics (2018's December selloff, 2020's COVID crash, 2022's bear market), Lee often issued upbeat year-end targets that seemed wildly optimistic at the time but frequently proved prescient. This earned him the nickname "permabull," though Lee argues his framework is systematically contrarian rather than perennially optimistic.
The Multi-Signal Framework: Liquidity, Earnings, and Sentiment
Lee's strategy rests on three pillars, each with measurable indicators:
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Sources
- Fundstrat ResearchOfficial
- Market Strategy NotesOfficial
- AAII Sentiment SurveyOfficial
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