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b'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.\\n\\nFollow Mill Street Research on Twitter: https://twitter.com/MillStResearch\\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\\nUse code GUIDANCE10 to get 10% off Permissionless 2023 in Austin:\\nhttps://blockworks.co/event/permissionless-2023\\n__\\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\\nhttps://rb.gy/5weeyw\\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \\u201cDaily Debrief\\u201d Newsletter: https://rb.gy/feusos\\n__\\nDisclaimer: 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.\\n__\\nTimestamps:\\n(00:00) Intro\\n(00:35) Outlook for 2023\\n(06:00) Cyclical Stocks Are Outperforming Defensive Stocks\\n(11:37) Stocks vs. Bonds Valuations\\n(17:17) Earnings Growth Outlook for S&P 500 Stocks\\n(20:46) Incentives of Sell-Side Analysts\\n(28:35) Earnings Revisions By Sector\\n(31:30) Permissionless Plug\\n(32:33)\\xa0China, Gold Miners, and Airlines\\n(37:06) European Stocks\\n(43:35) What Is Sam Most Bearish On?\\n(45:53) The Fed\\n(55:40) Inverted Yield Curve'