As we noted in our report last week, the trifecta of regions driving the cyclical recovery in 2020 are: US, China and Japan (fiscal). This is >50% of global GDP and arguably only China and US remain the two only real drivers of global GDP. Hence, we believe the recent upside breakout in S&P 500 portends strong market gains in next 24 months. While this may sound perplexing, we believe 2019 was the start of a new global equity bull market.
A Powerful Statement from Tom Lee
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