Strategist discusses why a higher-for-longer environment isn't a bad thing for stocks

Portfolio managers may have to adapt and revise their interest rate forecasts as it is increasingly likely the Federal Reserve may extend its higher-for-longer hold on rates. With a waning rally from the S&P 500 (^GSPC) in 2024's second quarter, where are the entry points into the market investors to consider when managing their portfolio?
BMO Capital Markets Chief Investment Strategist Brian Belski joins The Morning Brief to discuss elevated interest rates remaining higher for longer may actually be in the best interest of investors and how they can take advantage of it.
Belski offers advice he thinks investors should be aware of: "We think that most investors are massively underexposed [to] small and mid-cap [stocks]... If you had $100, only $8 out of that $100 is comprised of small/mid-cap stocks that are publicly traded [and] based in the United States, that's Apple (AAPL) and half of Microsoft (MSFT). Think about that. If you're a stock picker, right? You're salivating at that because then you can say I can have tracking my portfolio and add some really great small/mid-cap franchises... From a large-cap perspective, we like tech and financials, and it's not all Magnificent Seven, because the Magnificent Seven is not all tech stocks..."
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not a bad news if you are a naughty bear