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2024, Signing Off
The final session of 2024 on Wall Street was, like the handful of sessions before it, uninspiring.
US shares meandered into the new year on the back foot, having slipped from record highs, but nevertheless boasting the best back-to-back annual gains since the dot-com boom.
You can conjure any number of year-end dynamics to explain or otherwise excuse slippage during the traditional "Santa Rally" stretch. Or you might just suggest the bull was exhausted after so much running. Maybe equities wer
What an amazing year of coverage from you, H. I have a few articles to catch up on, but I most certainly will do that. Looking forward to your take on 2025- however the year may unfold.
Thanks for a great year of commentary, much appreciated.
P-
My tradition every New Years Eve is, as the guests count down the second, to blast “Auld Lang Syne”. The best version. Which is the December 31, 1969 version recorded at the Fillmore East by Jimi Hendrix. Here https://youtu.be/kdTjaxIF784
I sometimes wonder what the revelers were expecting for the year ahead, as Hendrix launched into the song on December 31, 1969. The sixties had been turbulent, the Cold War and Vietnam War was still raging, Nixon was in office. Some of them might have been very pessimistic, and perhaps were pleasantly surprised that the coming year was better than they feared. On December 31, 2024 the folks having heavy appys and champagne chez moi won’t know either. Maybe I’ll be pleasantly surprised.
Have a Happy News Years Eve, Dr H and everyone.
Jimi didn’t make it to 1971….
Walt has mentioned this stuff before, but here’s some updated stuff.
The Fed – Table: Distribution of Household Wealth in the U.S. since 1989
https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:127;series:Corporate%20equities%20and%20mutual%20fund%20shares;demographic:networth;population:all;units:shares;range:2004.2,2021.2
The Fed – Chart: Survey of Consumer Finances, 1989 – 2022
https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Stock_Holdings;demographic:all;population:1;units:median
Stock Market | Gallup Historical Trends
https://news.gallup.com/poll/1711/stock-market.aspx
Stocks Up, Gold Down in Americans’ Best Investment Ratings
https://news.gallup.com/poll/645107/stocks-gold-down-americans-best-investment-ratings.aspx
Thanks for the whole year coverage Prof. H. I take your advice and read news only from here. Happy new year!