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1、OUTLOOKLPL RESEARCH PRESENTS2025Pragmatic OptimismContents235913 1418 21232527 29From the CIOOverviewEconomyStock MarketSector RecommendationsBond MarketAlternative InvestmentsGeopoliticsCommoditiesCurrenciesTactical Views SummaryMeet the STAACPlease see page 30 for important disclosures.Outlook 202

2、5|2Looking back on 2024,it clearly echoed many of the themes from 2023.There were some brief economic growth scares along the way,but by and large the broader economy continued to defy expectations and surprised once again to the upside.Stocks continued their strong performance,and the S&P 500 is on

3、 track to record its second consecutive year of 20%plus returns as powerful trends in artificial intelligence(AI)and technology have proceeded unabated and largely overshadowed other factors like election uncertainty,continued geopolitical tension,and some rich stock valuations.After the election,th

4、e anticipation of potentially market-friendly policies from the incoming administration also helped bolster stocks.The bond market,in contrast,experienced another lackluster year.While the Fed initiated a long-awaited easing cycle,policy ambiguity and uneasiness over rising debt levels led to increa

5、sed volatility in bonds,but no clear directional trend.As we look ahead to 2025,we remain cautiously optimistic.Cautious because we know that no market environment is ever permanent,and that change is always potentially around the corner.Optimistic because we recognize constructive long-term technol

6、ogy trends are in place.Plus,potential tax policy and deregulation efforts in 2025 could provide some semblance of a tailwind particularly from an economic perspective.While growth asset returns are not expected to be as robust as 2024,2025s investment environment should prove to be favorable for in