Year to Date S&P500 has gained 22.3% while NASDAQ has gained 24.7%. So, far a very good year for stocks.

Barrons, Wall Street Journal publication polled Money Managers for their expectations for 2025.

As the excerpts from the poll suggests, money managers remain bullish into 2025. Performance is good, but not great from the group. Most managers believe the economy will provide a positive environment for stock market gain next year. Finally, inflation, geopolitics and recession are the most significant possibility of derailing otherwise positive returns from investment in 2025.

The following two charts of Wilshire 5000 stock index highlight an interesting challenge for US investors. As the first chart points out index no longer contains 5000 stocks. At present there are only 3500 companies in the index. As the number of stock shrinks its market capitalization grew 6-fold. Since 1995 smaller companies are disappearing as larger large cap companies gobble new and promising start-ups.

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Dave, Joe, Sangam, Jake, Anton, & Sandhya