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- Markets have seesawed in recent weeks but investors shouldn't be deterred from seeking buying opportunities, Tom Lee said.
- Fundstrat's managing partner said that the long-term bull case for the stock market remains intact despite Monday's sell-off.
- In the long run, Lee argued that increasingly wealthy Millennials will continue to boost stocks to new heights as they collectively inherit $2 trillion per year.
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Markets have seesawed in recent weeks but investors shouldn't be deterred from seeking buying opportunities, Tom Lee said in a Monday interview on CNBC.
Fundstrat's managing partner said that the long-term bull case for the stock market remains intact despite several recent bouts of volatility, including Monday's Evergrande sell-off.
"People are talking about Evergrande and the spill-over being like Lehman [but] I'm in the camp that this is going to prove to be a really good buying opportunity," said Lee, who cited "tame" bond yields and relatively muted VIX readings.
"We're at a moment where everyone's only seeing darkness and downside and usually that's when you want to be adding risk," he added.
Pressed on his long-term outlook for markets, Lee argued that increasingly wealthy Millennials will continue to boost stocks to new heights as they collectively inherit $2 trillion per year.
"Over the next 20 years, Millennials will inherit collectively something close to $70 trillion," said Lee. "That's a great combination for risk assets, especially stocks and crypto, because Millennials generally are buying disruptors [and are] less interested in bonds."
In a note to clients on Monday, Lee added that his fund's "central view remains that stocks will exit the month with gains," pointing to the past week of rising bond yields and crude oil as indicative of a reflationary environment.
"That suggests we should be taking a more 'half-full' view on incoming economic data," said Lee.
