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On this week’s episode of Free Lunch by The Peak, Brian Belski, chief investment strategist at BMO Capital Markets, makes a case for why he’s bullish about the year ahead in markets.
What do you notice playing out in the markets right now?
“We're starting to hear more people talk about things the way we (at BMO) do, meaning more about companies and stocks and less about a recession. Stocks lead earnings, which lead the economy: The stock market will tell us what will happen with the economy, not the other way around. But most people, frankly, are still fixated on those economic factors.”
What themes are you bullish about heading into this year?
“In terms of companies, I want you to own a little bit of everything. You own growth and value. From a thematic perspective in terms of sectors, we like technology for growth and financials for value. We think Canada is actually going to outperform the U.S. in 2024, given that Canada has already priced in some sort of recession because everybody's so negative.”
What is one takeaway you want to leave investors with?
“Turn off the television! There’s just too much noise. You should buy companies that you understand. You know what Apple does. You know what Netflix does. You get your gas at Circle K. You go buy your clothes at Aritzia. You can jump on a Delta flight. Don't buy stuff just because you think it's going up; buy what you know and that you live with every day.”
This interview has been edited for clarity and length. Listen to the full conversation here.