Tom Lee is the third of four children born to Korean immigrant parents. His father practiced psychiatry, while his mother operated a Subway franchise. Lee credits these family influences with shaping his strong work ethic. He graduated from John Glenn High School in suburban Detroit before attending the Wharton School at the University of Pennsylvania, where he earned a Bachelor of Science in Economics in 1991. During his time there, he was a member of the Delta Upsilon fraternity. He later earned the Chartered Financial Analyst (CFA) designation and remains an active member of the CFA Society of New York.
Kidder, Peabody & Co. (early 1990s) – Lee began his Wall Street career as a telecom analyst trainee.
Salomon Smith Barney (mid-1990s) – He advanced to the role of Managing Director, where he covered wireless and media sector stocks.
J.P. Morgan Chase (1999–2014) – Lee joined the firm as a senior equity strategist and was promoted to Chief U.S. Equity Strategist in 2007. He was consistently ranked in Institutional Investor’s All-America Research Team from 1998 onward, a testament to his credibility among institutional clients.
During his tenure on Wall Street, Lee occasionally drew scrutiny for his bold analysis. For example, a bearish 2002 report on Nextel drew a public rebuttal from the company and coverage in The Wall Street Journal, highlighting the visibility and impact of his work.
In 2014, seeking greater independence and a less constrained research environment, Lee co-founded Fundstrat Global Advisors. The firm positions itself as a data-driven research boutique focused on macroeconomic trends, equity markets, and sector strategy. Lee leads a team that produces analysis across equities, cryptocurrencies, and U.S. policy, serving institutional clients such as hedge funds, registered investment advisors (RIAs), and C-suite executives.
Market Positioning. Lee is well-known for his optimistic market outlooks during uncertain periods. Notably, he turned bullish shortly after the COVID-19-driven market crash in March 2020. He also gained attention for his early analysis of Bitcoin, including a widely cited 2017 report projecting a price of $55,000. In that note, he positioned Bitcoin as a potential alternative to gold, stating that it could “cannibalize” the traditional safe-haven asset.
S&P 500 Forecasts. In 2024, Lee raised his S&P 500 year-end target to 5,500, which he later increased to 6,000. By mid-2025, he suggested that the index could reach 6,600 if disinflationary trends continued. These forecasts have contributed to his reputation as one of Wall Street's more bullish voices.
Crypto Analysis. Lee leads Fundstrat’s digital asset strategy division, where he incorporates on-chain data, demographic shifts, and money supply models into his outlook. Though critics sometimes label him a “perma-bull,” citing misjudged short-term calls during the 2021–2022 bear market, supporters often highlight the significant long-term gains his strategies have achieved.
