Markets are turbulent and are likely to remain volatile for a while.
In the US, President Trump and Treasury Secretary Scott Bessent are signaling: a ‘transition’ is occurring that will impact growth and create volatility.
Seasoned investors that we respect are not forecasting a recession; the cycle should continue. Service jobs continue to grow. Government job growth is slowing.
A global easing cycle, strong US productivity, and a compelling technical backdrop will likely keep the glass half full again in 2025.
Out of any 15-year period to be invested in equities dating back to 1970, the one we’ve just lived through was the best. Stocks (especially US stocks) have been on a relentless tear, with any dips quickly fading into memory. Returns have been more than double the average. This run-up has enriched investors greatly.
“One of the most timeless insights of investing is that you don’t need to bet on knowing how it will all turn out. Investing wisely is about preparing for a range of outcomes.”
— Bob Prince, Bridgewater Associates
With increasing access to products that historically were only available to institutional investors (eg private infrastructure, private equity and credit), we are working on adding significantly more diversity in our clients’ portfolios.
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