January 2025
Stocks may have ended 2024 on a sour note, but generally put together a fantastic year. AI, the Fed and the election were the primary drivers. Looking ahead, a higher valuation for the S&P 500® Index argues for more subdued returns and we will watch the ongoing dance between economic growth and the Federal Reserve. We also note many areas of the market are much cheaper than the S&P and think performance leadership change in 2025. Read on for our year-end update and Happy New Year!