Political rhetoric regarding the economy is picking up as we get closer to the November presidential election. As investors our stance is simple: policy is what matters, not politics.

Combined with the 24% surge last year, U.S. stocks have been "the place to be” for investors worldwide.

Q4 Earnings season is complete and large cap companies generally exceeded analysts’ expectations, reporting a modest 4% growth in earnings for the year. Our investment committee noted that the Q4 earnings reports of the tech giants were perhaps the greatest display of earnings power and revenue growth we’ve seen in business history.

Geopolitical concerns abound and a Presidential election lie ahead of us; the remaining eleven months will likely make 2024 a very interesting year.

The consensus view of Wall Street strategists at the beginning of 2023 had it all wrong. Instead, the economy defied those expectations and solidified a new bull market that charged forward in a remarkable comeback.

“Inflation is created by government and by no one else,” economist Milton Friedman famously stated almost fifty years ago. It especially rings true today.