‘Twas the week before Christmas,
And it’s time for Mawer,
To reflect on the past year:
2024. 

Investors kept pondering,
When will the ball drop?
Isn’t recession coming?
Two years and no plop. 

Most central banks eased rates,
As Inflation had dwindled,
Investors celebrated,
Markets rekindled.

But Japan was different,
And made a small raise,
A hike long considered,
A move met with praise.

And the bears took their leave,
Their growls turned to sighs,
AI bulls roamed the market,
With laser-like eyes.

But the markets were puzzling,
Is the trend too soon?
The infrastructure’s not there…
To support such a boon?

And then came the third quarter,
Returns broadened out,
And technology stocks lagged,
They better not pout! 

Great companies are still there,
Let us not ignore,
The “S&P 493,”
For us to explore.

“Anything but China”
—for much of the year,
Investors looked elsewhere,
Too much risk and some fear. 

Now there’s massive stimulus,
But some wondered how,
Will the dragon take flight,
Or falter somehow?

Switching gears to fixed income,
Credit spreads so tight,
Risk seemed to be forgotten,
Like a dream in the night.

And the borrowers did thrive,
A festive parade,
The lenders found solace,
In risks underplayed.

 And though high yield is tempting,
We truly avow,
The impact could be harmful,
The time is not now.

‘Twas the year of elections, 
Billions went to vote,
Seventy-two countries, 
To find an antidote. 

Trump elected president,
So buyer beware,
Tariff Man’s coming!
Canada: “Not fair!”

Higher tariffs, lower taxes,
Deregulation too,
All of this expected,
In the U.S. queue. 

Sut savvy investors,
Need not nervously squirm,
The true impact of elections,
On markets short term.

Swift-e-nomics was poppin’,
Local shops did glory,
Despite high ticket prices,
‘Twas a Love Story. 

And Gen Alpha’s new language,
Created great shocks,
RIZZ, Bet, Sus, Skibidi,
No more “no show” socks.

But we try to be direct,
No jargon to confuse,
We keep being boring,
Fundamentals our muse.

Our horizon is long term,
And while uncertainty abounds,
Diversification’s a must,
To sleep well and sound.

So as we come to the end,
With caution and cheer,
We look ever onward,
To a hopeful new year.

From all of us at Mawer. 
We wish you great cheer. 
Peace, happiness, joy, and 
A profitable new year.

Happy holidays from all of us at Mawer!