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PremiumPoints 4Q-2024

Posted: January 23, 2025 | by: Thomas F. McKeon, CFA

In this Issue: Review and Outlook 4Q-2024, Why ETFs, CSCM Benchmark & Model Portfolio Update, Ground Rules for Prudent Investing, Crypto Fever and Coming Crash and The Plunderers Coming for Your Money

From the CIO’s Desk

The equity markets were mixed in 4Q-2024 as concerns about inflation not cooling quickly enough grew. Still, 2024 saw the broad equity market gain more than 20%...repeating 2023. The last time the S&P 500 gained more than 20% in back to back years was in the late 1990s. 
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Review & Outlook 4Q-2024 

The equity markets in the U.S. delivered another solid year with the broad, large-cap markets all gaining more than 20% for the year. The foreign markets did not participate as much and bonds got roughed up towards the end of the year as inflation data continued to point to stubborn inflation somewhat higher than the Fed’s target of 2.0%. 
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Why ETFs 

We have begun to see some misguided activism related to Exchange Traded Funds (ETFs) from those who think they have gained too much power, a function of the massive assets they have gathered and invest. Blackrock, Vanguard and State Street are the three largest ETF sponsors. They have grown large because of the enormous benefits and fantastically low costs of ETFs. 
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CSCM Model Portfolio & Benchmark Update

Left to right they go from 100% equity exposure for the glo-100-0 benchmark to only 20% equity exposure on the glo-20-80 benchmark. Interestingly, allocated portfolios hold bond exposures as the relatively less risky asset class. As the graph above right shows, bonds took the worst beating in 4Q-2024 as inflation fears again prevailed and bond yields rose. 
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Ground Rules—for Prudent Investing 

To make sure our clients and prospective clients understand how we minimize the uncertainties and maximize their potential return we have drafted “The Ground Rules for Prudent Investing.” It outlines what we do as advisors and portfolio managers and offers a few thoughts on client responsibilities. 
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Crypto Fever Grows 

We have long been a crypto-currency skeptic. It is absurd that durable market value can be conjured out of a few lines of computer code. They are mere gambling tokens. It can only end badly. 
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The Plunderers Are Coming For Your Money 

We receive an inordinate amount of solicitations from various financial service firms seeking client assets. It appears that a good many of them believe the new administration is going to unshackle them from the regulations meant to protect investors. We have written in previous newsletters about the private equity plunderers and how destructive they are to the companies they purchase and exploit and the customers-clients-patients of those companies. 
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Metallica Plays Elton John 

Metallica performs Elton John & Bernie Taupin's "Funeral for a Friend / Love Lies Bleeding" at the Gershwin Awards in March 2024.
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