Brian Belski

Brian Belski is a long-tenured Wall Street equity strategist whose public profile sits almost entirely in U.S. macro and large-cap equities rather than in commodities or mining. For resource investors, his relevance is indirect: as Chief Investment Strategist at BMO Capital Markets he set the institutional house view on sectors that bracket mining — energy, materials, industrials — and his S&P 500 outlook regularly framed the risk backdrop that mining equities trade against. A resource investor following him should treat him as a macro lens, not as a metals or miner specialist.

Belski has roughly 36 years of Wall Street experience. He started his career as a technical strategist at the former Dain Rauscher, then held senior strategy and research roles at Merrill Lynch before becoming Chief Investment Strategist at Oppenheimer & Company in New York. In April 2012 BMO Capital Markets hired him as Chief Investment Strategist, a role he held for about 13½ years. During that stretch he became one of the most quoted North American strategists on CNBC's Halftime Report and other financial media, best known for his year-ahead S&P 500 price targets.

His approach is top-down and style-aware: macro first, then sector rotation, then single-name selection — the same hierarchy a resource investor would use to decide whether miners are in or out of favor. He frames his work in terms of "conviction and humility," a stance that shows up in his willingness to update targets when the data shifts rather than hold a call.

In 2025 Belski left BMO and on October 31, 2025 launched Humilis Investment Strategies (HiS), an independent portfolio advisory firm based in the Naples, FL area, filing as an investment adviser in August 2025. He partnered with LongPoint ETFs on the HIS ETF and continues to publish market outlooks. For a commodity investor the takeaway is narrow: Belski is worth tracking for the macro and sector backdrop he sets, not for any demonstrated commodities or mining expertise on the record.