Tom Lee forecasts 18-24 month rally

Tom Lee’s latest bullish market call did not start with a fresh May 13 forecast. The Fundstrat head of research had already laid out the core argument in an April 20 CNBC interview, saying the U.S. could be entering an 18-to-24-month stretch for equities that “might be one of the best we’ve ever seen in our life.” (cnbc.com) May 13 social posts helped push that remark back into circulation. Those posts framed Lee’s view as a renewed call for a long rally, but the underlying language and rationale match interviews and Fundstrat material published weeks earlier. (cnbc.com) Lee’s argument is specific. He has said retail investors, after stepping back during war-related volatility and recession fears, are likely to return and help drive the next leg higher in stocks. (cnbc.com) He has also said the market may still face near-term turbulence tied to a new Federal Reserve chair before that longer window plays out. ### Where did the “best 18-24 months” quote come from? (cnbc.com) April 20 is the clearest verified source for the line now circulating online. CNBC’s video description says Lee joined “The Exchange” to discuss market trends, retail investor behavior and the U.S. consumer. Benzinga, in a report summarizing that appearance, quoted Lee saying: “Once we get through this year — this is still going to be a very tricky year because we have a new Fed chair coming and the market’s going to test that Fed chair — but once we get through that subsequent turbulence, we are probably entering an 18-to-24-month period that might be one of the best we’ve ever seen in our life.” (cnbc.com) (benzinga.com) YouTube clips published by Fundstrat and other finance accounts also repeated the same formulation in late April, showing the remark was already being packaged as a headline view before the May 13 social reposts. ### What was Lee’s actual case for the rally? Retail investors are central to Lee’s thesis. CNBC’s description of the April 20 segment says he discussed recent market behavior after the U.S.-Israel attacks on Iran and the role of individual investors in the rebound. (cnbc.com) Lee said retail buyers had previously bought a tariff-led dip in April 2025 but pulled back during the later war shock, according to a Yahoo Finance report summarizing his CNBC remarks. He argued that as panic fades, those sidelined investors can return and add buying power. (benzinga.com) Fundstrat published a note on April 17 saying retail investors were still on the sidelines even as equity markets showed follow-through after reaching all-time highs. (youtube.com) That note said the firm still saw “fuel in the tank” and pointed to a path for the S&P 500 to rise further. ### Was this a brand-new forecast on May 13? May 13 appears to have been a recirculation point, not the origin. (cnbc.com) Search results and syndicated write-ups tied the quote to late-April interviews, especially the April 20 CNBC appearance and follow-on coverage published around April 21. Fundstrat’s own materials show Lee has been presenting a broader 2026 market outlook in recent weeks. (finance.yahoo.com) A replay page for “Tom Lee’s 2026 Market Outlook” was available this week, indicating the firm has continued to package and distribute the bullish case to clients and followers. That matters because the May 13 posts can read like a fresh call if they are seen in isolation. The verified record shows the call was already public, with the same wording and largely the same supporting arguments, weeks earlier. (fundstratdirect.com) ### What could challenge Lee’s outlook in the near term? Lee himself flagged one near-term risk in the quote now being shared. He said 2026 could still be “a very tricky year” because of a new Fed chair and the prospect that markets would “test” that chair. (cnbc.com) Current coverage indicates Kevin Warsh is the new Fed chair, and reporting on May 14 said he will need to build consensus within the rate-setting committee. (fundstratdirect.com) That is the institutional backdrop Lee cited when he warned of turbulence before any longer rally. ### What should readers watch next? CNBC’s April 20 interview and Fundstrat’s replay page remain the clearest public markers for Lee’s current market case. (cnbc.com) Those sources show both the quote itself and the framework behind it — retail re-entry, near-term volatility and a longer bullish window. Any next step in the story is likely to come through another CNBC appearance, a Fundstrat client note or a new social clip that updates whether retail flows and Fed leadership are tracking the setup Lee described in April. (benzinga.com) (cnbc.com) (msn.com)