Expect markets to do well going into 2026, especially growth trade: BMO's Schleif
December 22, 2025 • 3m 36s
Morgan Brennan (Closing Bell: Overtime Anchor)
00:00.110
kicking
off
the
short
holiday
trading
week
with
gains
and
a
broad
based
rally
everything
from
AI
names
to
banks
to
retailers
industrials
getting
a
bump
can
this
broadening
out
continue
into
twenty
twenty
six
well
joining
us
now
carol
schleife
from
bmo
private
wealth
and
bob
dahl
Morgan Brennan (Closing Bell: Overtime Anchor)
00:14.590
from
crossmark
global
investments
it's
great
to
have
you
both
here
and
carol
i
will
start
this
conversation
with
you
how
does
this
set
us
up
for
twenty
twenty
six
Carol Schleif (Chief Investment Officer)
00:24.110
well
clearly
markets
seem
to
be
indicating
that
there's
a
lot
of
things
going
on
under
underneath
in
the
economy
that
are
would
bode
positively
and
it's
amazing
when
you
think
about
it
because
you
look
at
all
the
challenges
that
businesses
face
this
year
and
it
turns
out
they
Carol Schleif (Chief Investment Officer)
00:38.430
didn't
need
clarity
after
all
in
order
to
perform
and
generate
earnings
and
revenue
and
have
some
really
solid
stories
we
do
think
that
that
broadening
out
continues
and
allows
markets
to
continue
to
do
well
especially
the
growth
trade
going
into
twenty
twenty
six
bob
Morgan Brennan (Closing Bell: Overtime Anchor)
00:54.430
i'll
ask
you
the
same
question
especially
since
you
are
reflecting
back
on
your
ten
predictions
for
the
market
here
in
twenty
twenty
five
and
from
what
i
could
tell
you
did
pretty
pretty
well
with
those
predictions
Bob Doll (CEO and CIO)
01:05.820
yeah
we
did
OK
morgan
could
have
been
a
little
more
constructive
we
were
a
little
too
cautious
as
many
people
were
but
after
that
twenty
percent
decline
in
the
late
winter
early
spring
then
we
get
the
forty
percent
run
up
it's
been
an
amazing
year
but
have
a
bit
of
a
roller
Bob Doll (CEO and CIO)
01:20.940
coaster
look
a
lot
of
momentum
heading
into
the
new
year
in
terms
of
earnings
and
the
fed
seems
not
to
want
to
do
anything
other
than
stand
pat
and
maybe
lower
rates
again
that
combination
always
good
for
the
market
Morgan Brennan (Closing Bell: Overtime Anchor)
01:37.390
carol
i
mean
SP
right
now
as
it
stands
on
track
for
seventeen
percent
gain
this
year
that's
the
third
straight
year
of
double
digit
percentage
gains
so
when
so
when
you
do
look
to
twenty
twenty
six
what
powers
stocks
from
here
and
are
those
types
of
gains
still
sustainable
when
Morgan Brennan (Closing Bell: Overtime Anchor)
01:52.990
have
we
seen
this
type
of
trajectory
in
history
well
Carol Schleif (Chief Investment Officer)
01:56.390
i
think
the
first
thing
to
level
set
is
when
you
go
back
and
you
run
the
numbers
from
say
the
nineteen
seventies
forward
the
average
bull
market
runs
about
five
years
so
we're
still
pretty
early
on
we
published
a
couple
weeks
ago
a
chart
that
shows
you
are
here
relative
to
a
lot
Carol Schleif (Chief Investment Officer)
02:10.710
of
those
other
other
gains
but
fundamentally
there's
a
lot
going
on
too
because
there's
a
lot
of
the
most
constructive
portions
of
the
one
big
beautiful
bill
passed
this
summer
that
are
just
coming
to
fruition
you've
got
some
bits
of
clarity
around
tariff
policy
we've
got
a
lot
Carol Schleif (Chief Investment Officer)
02:26.950
of
things
going
on
with
the
consumer
that
should
help
with
some
of
the
back
tax
refunds
and
you've
got
deregulation
and
a
real
focus
from
the
administration
on
trying
to
drive
business
forward
and
and
remove
the
barriers
if
you
will
so
if
companies
in
the
markets
performed
as
Carol Schleif (Chief Investment Officer)
02:43.190
well
as
they
did
last
year
with
all
of
the
uncertainties
in
the
beginning
now
we've
got
some
of
that
clarity
and
fundamental
underpinnings
and
earnings
supported
where
valuations
went
this
year
or
they
supported
where
stock
prices
went
this
year
bob
Morgan Brennan (Closing Bell: Overtime Anchor)
02:56.870
does
this
rotation
continue
and
if
so
where
do
you
want
to
be
in
twenty
twenty
six
Bob Doll (CEO and CIO)
03:02.190
the
the
confusion
around
leadership
is
going
to
continue
first
it's
the
mag
seven
then
we
had
the
broadening
the
four
ninety
three
last
few
weeks
the
mag
seven
are
coming
on
again
so
i
think
it's
going
to
be
alternating
back
and
forth
and
confusing
for
the
direction
of
the
Bob Doll (CEO and CIO)
03:17.790
market
watch
earnings
watch
the
fed
the
fed
stands
pat
and
earnings
continue
to
advance
hard
to
knock
this
market
off
however
i'd
point
out
on
the
other
side
of
my
mouth
stocks
have
only
gone
up
four
times
in
a
row
in
a
double
digit
percentage
once
in
the
last
hundred
years
Bob Doll (CEO and CIO)
03:34.950
let's
hope
we
can
repeat
that
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