VALIDATION OF PROGNOSIS FOR THE YEAR AS LEE HITS 2023 TARGET Array ( [cookie] => 70655b-6854c7-9a3d45-e4da5a-1917b7 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 13929 [user_id] => [reason] => [method] => ) 1 and can accesss

“In the United States, our greatest single source of wealth is the minds and talent of our young people. Not to use it is stupid - to waste it is a crime." ~ Isaac Stern

Good evening,

When Tom Lee said a year ago that the S&P would end 2023 at 4750, many were inclined to dismiss the prediction as the view of a permabull who had contrarianed himself into a corner. Consensus was expecting a hard landing and inflation fighting lasting a decade, which did not exactly lend itself to the proposition of a year up ~24%.

As the proverbial chickens are hatching, it turns out that not only did Lee come closer than any strategist out there to predicting the market’s trajectory; he actually came within one-half of one percentage point – less than the allowance for statistical error – to the actual close at 4 PM on the last trading day of the year, which happens to be today.

Not one for chest-beating or victory laps, Lee is already focused on the future. He sees the end of this year as a launching point for further gains. “The median max gain over the next 18 months is +22%. There is only one instance, May 2007, when the max further gain was nominal (<5%), while the other 10 instances saw significant further gains.”