Fidelity Director of Global Macro Jurrien Timmer is back on the show today to talk us through the current state of the markets. He speaks to the broadening of the stock market beyond the top tech companies, with small caps and other sectors participating in the rally. On the topic of valuations and earnings, he points out that while 2024 is seeing robust returns driven by earnings and valuation expansion, 2025 may be more earnings-driven as valuations normalize. Jurrien and host Pamela Ritchie also discuss Bitcoin and Crypto, AI and tech stocks, and how the Dollar’s strength relates to Fed policy. Take a listen. Follow Jurrien’s slides @TimmerFidelity on X.

Recorded on November 18, 2024.

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