Larry Ad

Chief Investment Officer, Raymond James Financial

Search every verified Larry Ad interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Larry Adam, Chief Investment Officer at Raymond James, has appeared frequently on financial news programs in 2025 and early 2026 to discuss market and economic conditions. He has described himself as "neutral" on small-cap stocks, stating that despite a recent rally, the sector has seen earnings estimates revised down by more than 10% in each of the last four years. Adam has also expressed surprise at the market's continued strength, noting that the S&P 500 had a strong summer rally and that pullbacks have been historically shallow. He has attributed some of the market's resilience to investors learning "not to overreact initially to policy initiatives," citing examples such as tariffs and deportations that he said did not have the negative impact some expected. Adam has identified technology, industrials, and healthcare as his three favorite sectors, citing their strong earnings growth. He has stated that he believes the worst of the tariff situation is over but that tariffs will still impact the economy and earnings, leading him to forecast two Federal Reserve rate cuts in 2025. He has also pointed to signs of a slowing economy, including weakening employment conditions and lower-end consumers feeling the "pinch of higher tariffs." While he has said he believes the bull market will continue, he has cautioned that valuations are in the 95th percentile and that a "digestive period" may be needed after a rapid recovery from earlier market losses.