Readings for the festive season

As we are slowly entering the festive season, I believe my time is better spend reading finance books next to the fireplace instead of the extensive 2024 outlooks provided by eminent sell-side strategists from the major investment houses. If we look at their current S&P 500 forecasts for the end of 2024, they are, as usual, all over the place. There is at least one of them who will be right and we hopefully will have forgotten in 12 months what all the others have written. At ECP, and without giving a target for the S&P 500, we stick to our base scenario of normalization of interest rates without a severe economic recession providing patient investors with opportunities in quality companies trading at reasonable valuations compared to their earning power.