Summary
We wish all our clients and friends a wonderful winter. Below we provide our investment outlook for 2024 and a review of markets in the 4th quarter of 2023.
We were especially pleased by +26.3% total returns in 2023 for U.S. large cap equities. The highest bond yields in over 15 years bode well for future fixed income total returns, with investment grade municipal bonds paying out 6.5% to 8.5% taxable equivalent yields. +11.1% and +12.5% EPS growth is forecasted for 2024 and 2025, respectively, after S&P 500 earnings contracted in 4Q22, 1Q23, and 2Q23 i.e., the 2023 “corporate earnings recession” is behind us.
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