Earnings Season Is Strong (So Far) | Sam Burns

Sam Burns, founder of Mill Street Research, explains why he thinks the bull market in stocks can last for much longer. He notes that many companies are still growing their earnings substantially despite inflation and economic uncertainty, and argues that the outperformance of cyclical stocks over defensive stocks is an indicator that the bull market in stocks has legs. Filmed on January 26, 2023.

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Timestamps:

(00:00) Intro

(00:35) Outlook for 2023

(06:00) Cyclical Stocks Are Outperforming Defensive Stocks

(11:37) Stocks vs. Bonds Valuations

(17:17) Earnings Growth Outlook for S&P 500 Stocks

(20:46) Incentives of Sell-Side Analysts

(28:35) Earnings Revisions By Sector

(31:30) Permissionless Plug

(32:33) China, Gold Miners, and Airlines

(37:06) European Stocks

(43:35) What Is Sam Most Bearish On?

(45:53) The Fed

(55:40) Inverted Yield Curve