Great article as always. What's not lazy is Dave's use of generative AI to check his writing as this article is surprisingly free of spelling and grammar errors.
To be frank, this is a masterpiece. For me, it is not just an end-of-year summary and a consolidation, but it has also broadened my horizons. To be very sincere, this is a masterpiece... However, I think this article may not have taken into account the political risks to the economy. Trump and Musk are very likely to cause significant damage to the U.S. economy in 2025.
Does your market upside analysis change if we are in year 5 of the bull market? I think of this as all one risk on period besides a slight pause in 2022 from an overextended period in 2021.
Great article as always. What's not lazy is Dave's use of generative AI to check his writing as this article is surprisingly free of spelling and grammar errors.
There’s an idea. Use AI to spell check
A splendid article, David.
Merci Valentin!
Thanks for the detailed write up. Not sure i agree but can't fade you, costs too much money lol. Risk on.
Lol. Focus less on the number and more on understanding the linkages between the economy and the market outcomes.
Reading it in 3 Dec 2025 is amazing. Still teaching me a lot in this. Thank you.
Re-reading this note today. Brilliant! I can't believe I am only paying $39/month for this.
Tnx but pls don’t remind me of this fact 😂
Great read. Any views on sectors going forward?
I’ll cover that at the start of the year.
If I read this right…blow off top. Also the entire time I read it I had the normal distribution meme in my head
Less of a blowup top call as more don’t be a lazy thinker and go with 10% as a default.
To be frank, this is a masterpiece. For me, it is not just an end-of-year summary and a consolidation, but it has also broadened my horizons. To be very sincere, this is a masterpiece... However, I think this article may not have taken into account the political risks to the economy. Trump and Musk are very likely to cause significant damage to the U.S. economy in 2025.
Political risks are a thing but also unknowable outcomes. Mostly guesses. So I try to ignore.
Got it. Thank you for the reply.
Hi David, does AI know what BTFD means? Thanks for the information. Very relevant.
I’m sure AI knows everything. 😂
This is excellent DC!!
Clear, brief and brilliant. Well done.
Thank you Ringo. 🙏
Risk on for 2025 but are we still looking at a mix of small caps vs SPX? Position for small cap out performance?
Also, thank you.
Small caps are a tactical trade not a strategic position.
Does your market upside analysis change if we are in year 5 of the bull market? I think of this as all one risk on period besides a slight pause in 2022 from an overextended period in 2021.
No. Year number is irrelevant. That was my point.
Splendid article, thank you David.
Any opinion on tariffs and immigration and how this can affect markets once Trump takes office?