Tom Lee: The Market Can Climb Higher—But Expect Turbulence | #630

The Meb Faber Show - Better Investing

The Idea Farm

Management, Business, Investing

4.8 • 978 Ratings

🗓️ 15 May 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guest is Tom Lee, CIO of Fundstrat Capital, PM for the Granny Shots U.S. Large Cap ETF, and the Head of Research at Fundstrat Global Advisors. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014. In today’s episode, Tom explains why stocks have remained resilient despite war, higher oil prices, and widespread investor skepticism. He shares his outlook for the S&P 500 and discusses the coming wave of mega-IPOs. Finally, Tom covers his successful entrance into the ETF space with the Fundstrat Granny Shots ETFs. (0:00) Starts (1:35) Tom Lee on markets since the Iran war (10:02) Issues with the University of Michigan Consumer Sentiment Index (20:50) AI & upcoming IPOs (24:34) Granny Shots ETF (31:25) Tom on crypto (36:52) Tom's most memorable investment Visit ⁠www.fundstrat.com/tom⁠ for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists. ----- Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor show, where the focus is on helping you grow and preserve your wealth.
0:10.8	Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser.
0:16.9	Better investing starts here.
0:19.5	Metfabor is the co-founder and chief investment officer at Cambria Investment Management.
0:22.5	Did it industry regulations, he will not discuss any of Cambria's funds on this podcast.
0:25.8	All opinions expressed by podcast participants are solely their own opinions and do not reflect
0:28.9	the opinion of Cambria investment management or its affiliates.
0:31.2	For more information, visit camriainvestments.com.
0:34.1	Changes in sexual performance are more common than most people realise, and support doesn't need to feel awkward.
0:40.1	With MedExpress, everything happens privately online.
0:43.3	Start by completing a short consultation reviewed by UK registered clinicians.
0:47.5	If eligible, treatment is delivered discreetly to your home, with ongoing support whenever you need it.
0:52.9	You're not alone in this. Visit Medexpress.co.c.uk slash podcast to learn more.
0:58.0	Welcome back everybody. We got a great episode today. I'm super excited.
1:04.0	Today's guest is Tom Lee, co-founder, head of research at FundStratG Global Advisors.
1:08.0	Prior to co-founding Fund Strategy Servicety Service, J.P. Morgan's chief
1:11.5	equity stratish from 2007 to 2014. He also entered the ETF Teradone game with the Granny Shots,
1:19.1	U.S. Large Cap ETF, one of my favorite tickers, GRNY. Tom, welcome the show.
1:24.0	Thank you. Thanks for having me.
1:25.8	I thought we'd jump right in. I love listening to you talk macro
1:29.3	markets. You guys had a comment where you're talking about selling the buildup and buying the
1:34.8	invasion. I thought that'd be a good place to kick it off. Where do we go from here? A lot of investors
	...

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