Transcript
Introduction
Matt
All right, Eric. Best part about a fourth quarter recap is that we get to also do a full year recap at the same time and a little bit of looking forward. But I wanted to start just looking backwards. You look at 2024, the S&P was up 23%. Second year in a row it's up over 20%. Bitcoin was up 150% last year. It was a great year for risk assets. But if you were to just distill how will we look back at 2024.
Looking back at 2024
Eric
It was a great year followed by a good year. It's nice to have two good years in a row. It was a year where, as you pointed out, risk assets were up. But also keep in mind volatility was down. So you really can't get it any better.
I like to go back at least more than 12 months ago to think about how are people thinking when the year ends. And what's interesting going to 24 was the debate was hard and soft landing. How is the economy going to struggle? When was the recession going to come? How fast was the Fed going to cut rates going into it? Which for me personally it didn't align with what I was seeing in data. That's why I was on our prior quarterlies. I was more bullish just because I felt like I definitely could be wrong.