Yves Lamoureux Steps Back From ‘Extreme Bullishness’ as Market Turns Casino-Like
The stock market’s blistering rally has pushed Yves Lamoureux, president of Lamoureux & Co., to dial back his optimism. Once “extremely bullish,” the veteran forecaster is now neutral on equities, warning that investor behavior is looking more like gambling than disciplined investing.
“It’s very rare to see a rally this dramatic,” Lamoureux told MarketWatch on Tuesday. “We’ve nearly hit my 50,000 target for the Dow years ahead of schedule — that kind of speed is crazy.”
Lamoureux sees signs reminiscent of 2021: meme stock frenzies, record trading in ultra-short-dated options, and a surge in risk-taking. He believes the market may be entering a multi-year “topping process,” with the Dow potentially stuck below 45,000 for two to three years.
His advice: take some money off the table and raise cash gradually — not by going all-in or all-out, but by scaling exposure up or down as markets move.
Longer term, Lamoureux warns inflation could re-accelerate in 2026–2027, complicating rate cuts and pushing 10-year Treasury yields toward 6%. Rising shipping costs from new greenhouse gas fees and heavy corporate debt loads add to his caution.
Still, he sees opportunity in select tech names with strong balance sheets. One favorite: Dutch AI infrastructure firm Nebius Group, which holds a portfolio of AI-related companies including ClickHouse. “I really like this and would buy even if the market is volatile,” Lamoureux said.
