Runnymede has been bullish on the stock market since early July because of improving earnings and good value relative to fixed income. As we ahead to 2017, we remain positive. Former JP Morgan Chief Equity Strategist Tom Lee shares our enthusiasm for equities in a recent interview on CNBC.
The so-called Trump rally could live on … and on, and on according to Lee.
In a note to clients this week, Lee wrote that President-elect Donald Trump's term could usher in a major bull market akin to those preceded by the administrations of Dwight Eisenhower and Ronald Reagan.
“Notably, the two longest bull markets in history 1953-1974 and 1982-1999 were preceded by a Republican ‘revolution,'” he wrote.
Lee likened Trump to the Republican presidents in this way; Eisenhower in the early 1950s invested in infrastructure, and Reagan pursued tax cuts and deregulation, Lee wrote, much like what Trump has promised to carry out in his presidency.