Transcript
Introduction:
Matt
All right. Mr. Golden, we are back. It is the two-year anniversary of the first quarterly recap. So celebrations all around, we'll have a big party at Number 10, but something worth mentioning there. And to kick us off, as we always do, it was a strong quarter 2024, just kicking us back into the Roaring '20s. S&P was up over 10%. Nasdaq, very similar. Just felt like risk on appetite. What was your just immediate reaction to seeing the green on the screen in the early part of the year?
Eric
So I think that for risk assets, the year set up well. I don't think it was that surprising. People had a good '23 where the economy looked strong. There wasn't -- as much as there's a lot of doomers and they get a lot of headlines, I think in the market participants, people were generally excited about coming into '24, and across both equities and bonds, the view was rates have normalized and even though inflation, which we'll get into, is still sticky, people have adjusted to the market returns.