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Global-semiconductor-industry-growth  on January 17, 2025


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📈   Madison Investments 2024 Year-End U.S. Equity Letter

The stock market had another strong year in 2024, led by the S&P 500 Index’s (SP500, SPX) 25% return. The index has now returned over 20% for two consecutive years, something that hasn’t happened since 1998-99. The market decline of 2022 seems to be in the distant past, with animal spirits seemingly revived, and speculative pockets re-emerging. That’s a far cry, however, from saying that the market is very expensive or due for a fall. While many stocks do seem to be on the expensive side, the aggregate market valuation is in a “zone of reasonableness,” where it doesn’t pay to have an opinion on the overall market level.

seekingalpha.com     Jan 17, 2025