Janney's Luschini: Corporate profits will lead market higher into 2023

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that the stock market is likely to follow the growth of corporate profits, which bodes well for heady gains over the next year or two, despite inflation and other concerns that will increase volatility and potentially cause setbacks. Luschini says that since grizzly and protracted bear markets rarely occur outside of a recession -- and with recession seeming like a remote possibility in the next 12 to 24 months -- investors should be prepared to stay the course but ride out the bumps. Also on the show, John Smallwood of Smallwood Wealth Management talks about factoring inflationary pressure into long-term portfolio decisions, law professor Robin Feldman discusses how the U.S. patent system currently is incentivizing failure and causing higher prices in health care, and David Trainer of New Constructs talks about how operating earnings measures are actually distorting the financial picture of companies like Marathon Petroleum and eBay.