We believe the question is how long this market cycle will last, which depends on the economy and making the earnings expectations for this year and next. There are too many variables that need to go right. The economy needs a massive cut in interest rates to have any shot of hitting $277 of earnings in 2025 for the S&P 500. We think the fundamental backdrop of the market is not very interesting as the valuations are high at 21x 2024 earnings with the 10-Year Treasury at 4.5%.

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