It would not surprise me to see 2025 repeat the drawdowns we saw in 2022. And we could see 10-15% lower in the first half. For example, during Q4 2021 – I warned of excessive valuations (specifically in tech). That was timely. However, it’s different this time. 10-year yields are now above 4.70%. And should they continue their march towards 5.0% – valuations (and earnings) will be challenged. That said, Wall St. “experts” are assuming significant earnings growth for next year (evidenced by the average 6,600 2025 target at an expected 25x forward multiple). They’re adopting a “lottery ticket” mentality – where the majority of investors naively expect extraordinary returns with little regard for downside risks.