Episode summary
Bloomberg Surveillance TV: April 23rd, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 18 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Keith Lerner, Victoria Coates, Paul Sankey
Summary
The guests argued that the recent market pullback should be treated differently from a normal cyclical warning sign because the bull market has already absorbed shocks from inflation, higher rates and geopolitical risk. Keith Lerner said the evidence still favors equities, with earnings momentum, margin expansion and upward revisions in forward estimates supporting the case that weakness is an opportunity. He also said the AI and tech trade is likely back at the forefront, even after a powerful semiconductor rally.
Key takeaways
- Keith Lerner said the bull market has been “battle tested” and that weakness should be viewed as an opportunity while profit margins and earnings estimates keep rising.
- Lerner argued the tech sector’s valuation reset was unusually severe, with the multiple falling from 32x to 20x, and said that sets up further upside.
- Lerner said AI-driven capex should keep supporting semiconductors and power infrastructure if earnings revisions continue higher.
- Victoria Coates said Iran is under severe economic and operational pressure, including disrupted exports and rising risk to its oil reserves.
- Paul Sankey said the oil market is headed for a difficult few months because tanker delays, inventory drawdowns and supply-chain strains are already locked in.
Notable quotes
“this bull market has been battle tested through a series of shocks from high inflation to hyper fast paced interest rates”
“we would view weakness as an opportunity”
“I don't think we're going to return to sort of business as usual in Iran”
“the next 2 months is going to be an ongoing absolute disaster even if you you open the straits tomorrow”
How the episode opens
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This is the Bloomberg Surveillance podcast. I'm Jonathan Ferro along with Lisa Abramowitz and Annmarie Hordern. Join us each day for insight from the best in markets, economics and geopolitics.
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This is the view on Wall Street this morning. Keith Lerner of Truist writing the weight of the evidence continues to suggest that the bull market deserves the benefit of the doubt and we would view weakness as an opportunity. Keith joins us now for more.
Keith, welcome to the program. I've got two whys. Why do you believe the bull market deserves the benefit of the doubt?
Why do you think that a weakness is an opportunity? Yeah, well, great to be with you all. Well, the first thing is I think the bull market has earned it.
Um, this bull market has been battle tested through a series of shocks from high inflation to hyper fast paced interest rates. And each time um, these companies have adapted and we're seeing profit margins continue to expand and we're seeing forward earning estimates at new highs not only in the S&P but also by the you know, by mid caps, small caps and even emerging markets as well. So, as I don't want to be Pollyannaish either, Jonathan.
I think there is some uncertainty. We just had a um, you know, a nice rally off the lows. So, we would be perfectly normal to see some backing and filling after this.
But the last point is we also know, I think there's so much focus on Iran and the situation there which is important.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- market outlook
- economic data
- investment strategy
- national security and foreign policy
- world markets
Companies and tickers mentioned
- TFC
- Truist Financial
- Heritage Foundation
- Sankey Research
Watch the episode
Watch “Bloomberg Surveillance TV: April 23rd, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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