Last year was a spectacular year for the U.S. equity markets. Almost a repeat of 2023 in many ways. Stocks, as measured by the S&P 500 Index (“Index”), returned 25% in 2024, following a 26.3% return in 2023, resulting in a total return of 57.9% over the two-year period. In fact, the Index has delivered annual returns exceeding 25% in four of the past six calendar years.

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