Fundstrat’s Managing Director, Tom Lee, says that the S&P 500 could surge to 19,349 by 2029, a 313% rise, driven by the large Millennials population, according to Market Insider.

The chart showing equity markets following the moves in adults age 28-48
  • Lee maintains that such a bull run would mean a compounded annual return of 20%, more than the market record average of between 7% and 10%.
  • The large population of millennials who have surpassed the Baby Boomer population, with the popular age being 31, is reportedly a factor for economic growth.
  • The bullish remarks are underpinned by the fact that business leaders created large-cap firms in the US like Cisco and Oracle in their thirties.
  • Lee maintains a bullish view of the stock market in 2022, seeing a return of not less than 11% on the S&P 500.

The executive observes that the stock surged when the Baby Boomers and Generation X entered the age of between 30 and 50 years, and the same would be seen in the next generation.