The Compound and Friends Tom Lee Says It's Still Early
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Aug 22, 2025 
Tom Lee, CIO and Portfolio Manager at Fundstrat Capital, shares his bullish market insights. He discusses the potential for a V-shaped recovery and the unique opportunities in an AI-driven economy. The conversation also covers the generational divide in cryptocurrency investment, particularly regarding Ethereum. Additionally, they analyze current economic indicators and the implications of the Federal Reserve's decisions at Jackson Hole. Lee's investment philosophies and strategies, including his thoughts on navigating a stock-picker's market, add to this engaging dialogue.
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Graduates Face An AI-Driven Job Mismatch
- Tom highlights a labor mismatch: graduates struggle because AI changes job types and trade skills are scarce.
- He recommends adaptability and non-linear careers as the new normal for young workers.
Triangulate Job Data, Don't Rely Solely On BLS
- Treat BLS employment data carefully and expect large standard errors; triangulate with ADP and alternative signals.
- Consider newer tracking methods like phone-location data to better gauge real labor activity.
Fed Cuts Would Be Expansionary For Housing
- The market priced in about two Fed cuts by year-end and Tom thinks cuts make sense if real rates are too tight.
- He sees cuts as expansionary especially for housing and ISM responses.