The big things you need to know: First, modest downward revisions have returned to bottom-up consensus S&P 500 EPS forecasts. Second, frothy US equity market sentiment has been a problem for the US equity market, but our work suggests that many investors have become cognizant of this problem and that it is starting to self-correct. Third, outside of the biggest market cap names in the S&P 500, a number of our valuation indicators have started to contract. Fourth, US equity funds flows deteriorated as 2024 came to an end.