Be Ready for Bigger Stock Gains in 2023: Carson's Detrick

Ryan Detrick, Carson Group chief market strategist, suggested recently that market conditions in January appear to bode well for stocks this year.

Detrick, who joined Carson Group in 2022 after several years with LPL Financial, recently took time to share with ThinkAdvisor his short- and long-term views on the financial markets, economy and investing, and a glimpse into his job analyzing the financial world.

Carson works with more than 130 partner firms and over 380 financial advisors, providing a variety of services.

Here’s a lightly edited version of Detrick’s email Q&A with ThinkAdvisor:

THINKADVISOR: What is your stock outlook for the year? Specifically, where do you think stocks will end the year?

RYAN DETRICK: The economy will avoid a recession and stocks will gain between 12% to 15% in 2023.

What has been your best prediction in the past year or so?

Sticking with value over growth. Yes, the “stock market” has been lower, but value has done significantly better than growth. Additionally, we said October was the lows of the bear market, and we are seeing more and more signs that is likely happening. Virtually everyone expected new lows to take place, so that was a lonely call.

What has been your worst?

We didn’t think bonds would have a good year, but we didn’t see their worst year in history. The combo of higher inflation, the war and a super hawkish Fed all added up to massively higher rates and a horrible market for bonds.

What is your No. 1 piece of advice to investors?

Have a plan in place before things get scary. Markets pull back and correct all the time; don’t panic when these things happen. Have a plan in place so you won’t make an irrational decision.

What are you telling clients and advisors to do differently in 2023?

Not much really. Last year was rough, but for investors they need to know that down years like that are actually opportunities for investors. We are also saying last year had many big headwinds, but investors need to know those likely will be tailwinds now. So be open to potentially larger gains.

What do you do to take a break from the markets?

I coach my boys in various sports, and that helps me turn things off.

What do you like most and least about your job?

Every day is different. Markets and economies are always changing, and there is always something new happening. It sure isn’t boring, but the most rewarding thing is to help investors understand what is happening without panicking over the scary headlines.

Pictured: Ryan Detrick