Retail investors fled US equities last year, according to client flow data.
These bulls can claim a measure of vindication after failing to predict last year's rout.
He warned that equities and other risk assets won't be able to sustain rallies without substantial rate cuts.
The strategist does not expect the Fed to cut rates in the first half of next year.
Investors continue to pour billions of dollars into safe havens despite hearing more bullish language from some analysts.
Macroeconomic uncertainty has instead driven investors toward firms able to pay their interest expenses with earnings.
Many analysts are walking back their bullish projections as the market nears the end of the year.
The boomer trade means buy cruise stocks and not fashion retailers.
Stifel strategist Barry Bannister projects a normalized 10-year yield of up to 6% during the mid-2020s.
Stocks are staring at the possibility of another rate hike this year as labor-market resilience persists.
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