2025: THE YEAR OF GOLDILOCKS? What happens when the S&P posts two back-to-back years of 20% returns? You get another strong year. The left-tail is inflation. But, Bessent and Warsh are deficit and monetary hawks. Trump’s economic team is looking pretty good. Also, a good test for when you are near a top… when looking for good stocks at good valuations, you can’t find any. When our screens don’t turn up many bargains, that is a warning signal. I don’t see that. Instead, we see Mr Market putting a different sector of the equity market on sale each quarter which makes my job a lot easier. I still see plenty of securities and sectors at attractive valuations with earnings growth in financials, healthcare, and Mag 5 type names and international stocks. There’s no reason the show can’t continue.