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. Follow Mill Street Research on Twitter: https://twitter.com/MillStResearch Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 __ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets. __ 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