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David Lebovitz, a global market strategist at JPMorgan Asset Management, which oversees $1.8 trillion, said investors may need to rethink how they value stocks during this euphoric market rally on President-elect Donald Trump's promises of pro-growth economic policies.
"The economic data was going to be fine regardless of who got elected president. What I feel like Trump's election has done is brought out some animal spirits. And that's why you are seeing small caps, which are up significantly since Nov. 8, you are seeing a further rally in the banks, the materials, the industrial names. There was underlying support from the fundamentals as it was, but now we got sentiment on our side," Lebovitz said.
In this in-depth interview, Lebovitz discusses:
PRO subscribers can also read the entire transcript of the exclusive interview below.