Brian Belski: 15-20-Year Equity Bull Run Has Barely Begun

The transcript discusses the behavior of investors who have not experienced a full investment cycle, highlighting their fear of making wrong decisions. It contrasts past market cycles with current trends, mentioning influential figures like George Soros. The discussion covers the shift in investment strategies, noting that retail investors are now holding stocks longer, while hedge funds lack independent thought. The transcript emphasizes the importance of fundamentals and predicts a shift back to equities as interest rates rise.

What is a key characteristic of investors who have not experienced a full investment cycle?

• They are overly confident in their decisions.

• They are fearful of making wrong decisions.

• They rely solely on technical analysis.

• They invest only in international markets.

What does 'talking their book' refer to in investment terms?

• Reading financial reports regularly.

• Writing a book about investment experiences.

• Promoting investments that one is already invested in.

• Discussing investment strategies with peers.

According to the speaker, what is the expected duration of the current bull market in equities?

• 5 to 10 years

• 10 to 15 years

• 15 to 20 years

• 20 to 25 years

How has the perception of 'smart money' changed according to the speaker?

• Institutional investors are now considered the smart money.

• Retail investors are now considered the smart money.

• Neither institutional nor retail investors are considered smart.

• Both institutional and retail investors are equally smart.

What might drive retail investors back to equities, according to the speaker?

• A rise in commodity prices.

• A decline in real estate prices.

• An increase in interest rates.

• A decrease in stock market volatility.