Top 10 Investment Themes For 2025
Will the bull market continue into 2025?
Happy New Year, all. My overall macro theme for 2024 was An Expansion of the Rally. The theme ultimately proved to be accurate, as the dominance of the Magnificent 7 stocks (Nvidia, Apple, Microsoft, Amazon.com, Alphabet, Tesla and Meta Platforms) dissipated during the second half of the year as the other “Not So Magnificent 493” stocks (i.e., the remaining stocks of the S&P 500 Index) took over the leadership role. The Magnificent 7 accounted for 62% of the total return of the S&P 500 in 2023, and 59% during the first0 half of 2024, but just 9.2% during the third quarter of 2024.
This passing of the baton is important, healthy and constructive for the continuation of the current bull…
