Strategist: By early 2026, there may only be three stocks worth buying

The first complete trading week of 2026 has begun, and the vast majority of strategists expect the U.S. stock market to welcome another fruitful year. In fact, bulls may point out that investors' calm reaction to the situation in Venezuela over the weekend further proves the market's resilience. However, Jeffrey Yale Rubin, president and chief investment officer of Birinyi Associates, is not so optimistic; he is even reluctant to call himself a "bull." He says the most optimistic label he can apply to himself is "Cautious Calf." He believes there are 104 stocks in an upward trend. Among them, only four are simultaneously in a "capital accumulation" state: Tesla, Eli Lilly, Analog Devices (ADI), and Qualcomm. Rubin states that Tesla's current stock price is 270 times the expected earnings for 2026, making it "hard to justify." That leaves only three. Rubin concludes, "The problem is that at the beginning of 2026, there are really not many stocks we want to buy."