Last Friday November 15, I had the great pleasure of being the special guest convener of a panel discussion at Euroz Hartleys annual ‘Bringing the West to the East’ lunch held at the MCA, The Rocks, Sydney.

Encouraging to read of the growing confidence around the 2025 earnings outlook for the S&P500. Goldman Sachs believe 2025 eps growth will be ~11%, following on from ~8% in 2024.

For a hot second there, we all thought 2025 was going to be fairly cruisy. The continuation of a strong bull-run, the end to recession fears, a couple of rate cuts. The biggest concern was perhaps the high premiums on stocks like the Magnificent Seven.