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January 2025
Sensible Enthusiasm
"There is nothing so stable as change."
- Bob Dylan -
We see more positives than negatives as we enter the new year. Economic growth has proven to be resilient, earnings are poised to accelerate, and investor positioning looks constructive. However, following '23-'24's breakneck pace, the odds of more normalized returns have increased. Our optimism is bridled somewhat by policy uncertainty, but the backdrop is ripe for active oversight with plenty of room for stock and sector selection.