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2024 Year-End Letter
The letter below is also available as a PDF file HERE. February 24, 2025 2024 Annual Letter 2024 felt like 2023. American stock market indices posted strong returns, led by technology, and the bond market posted a small positive return. It also felt a lot like 2021, which was one of the most speculative times in stock market history. Both 2024 and 2021 saw the S&P 500 end at valuations at or approaching those of Read more…