The three-phase theory sounds smooth, but with energy shocks + a new chairman + three consecutive IPOs, the volatility is probably at a bear market level. Will the highest returns be in 2027? Let's just survive until then first.

Tom Lee stated on CNBC that the main reason for the rise in U.S. stocks since April is better-than-expected earnings; 1Q EPS increased from about 70 to 80, a gain of approximately $40, theoretically providing 800–1000 points of upside potential. He maintains the "three-stage market" view: in the short term, up to 7,700 points, with volatility before October, possibly influenced by the new Federal Reserve Chair's appointment, energy shocks, and liquidity pressures from large IPOs, leading to a bear market-style correction; but in the medium term, U.S. stocks will strengthen after the elections, and 2027 could be one of the best years for returns. Rising oil prices are pushing inflation higher, the bond market is turning to rate hikes, requiring dovish Fed support.