Thank you to Matthew Miller, Katie Greifeld and Sonali Basak for inviting me to join them on Bloomberg’s "Open Interest" to discuss the Goldman Sachs 2025 US Equity Outlook: The Art of the Deal report that was published this week.
The stock market in 2024 has rallied strongly on a combination of growing earnings and expanding P/E-multiples. The same thing happened in 2017, which was the first calendar year of Trump 45.
Credit spreads have continued to tighten across the board, as IG spreads are at lowest since 1998 and HY credit spreads fell to their tightest since 2006, preceding their rise into the GFC.
🧵 Warren Buffett has more cash today than ever before. We’ve seen this before 2000, before 2008, and again in 2020. Buffett says he’s not a market timer. Is that true?
