FEG Investment
Advisors

When Doves Cry?: 2024 Market Outlook with Jason Trennert

After a frantic rally to finish 2023, what can we expect for 2024? Do we party like it’s 1999, or will doves cry? Uncover the insights that will shape the year ahead by tuning in.


Join FEG CIO Greg Dowling and Jason Trennert, Chairman and Chief Investment Strategist of Strategas, as they discuss the investment outlook of 2024. Listen as they explore economic trends, market leadership, potential rate cuts, inflation challenges, and the impact of the upcoming presidential election.

Listen to this explorative dialogue that spans the broad economic landscape, then dive into the specific nuances that shape the market outlook for the year ahead. Will inflation rear its ugly head once again? Will potential Fed rate cuts satisfy the expectations of investors? As the discussion unfolds, explore the global rise of populism and its possible implications, particularly in the context of upcoming elections and geopolitical challenges; and uncover the ongoing debate between active and passive investing, hedge funds, and private equity.


Key Takeaways

  • Historically, economic soft landings are rare, and inflation typically comes in waves.
  • The Federal Reserve aims to remain independent from politics, balancing addressing political pressures and maintaining credibility with the market.
  • The markets are probably overestimating the amount and frequency of Fed rate cuts.
  • Which party occupies the White House does not have a material impact on stock market performance. However, economic performance prior to election does heavily influence voters.
  • What we experienced with the “Magnificent Seven” in terms of market concentration and the contribution to index performance was highly unusual. It is also uncommon that the former market leaders of the past bull market lead the next.
  • Due to a changing regime, we may be at peak passive and the golden days of private equity may be in the past.

 

Episode Chapters
0:00 Introduction
0:30 Episode Introduction
1:23 Background on Jason Trennert and Strategas
5:22 The Mag 7 and Unusual Market Trends
9:37 Understanding Economic Cycles
13:20 The Waves of Inflation and Rate Cut Impacts
17:31 Playing Politics and the Fed’s Independence
20:20 Market Trends in Presential Election Cycles
22:03 The Dynamics of Global Defense Spending
27:12 Navigating International Markets and Active vs. Passive Investing
31:46 Is the Golden Age of Private Equity Over?
34:14 Predicted Market Surprises for 2024
36:45 Closing Remarks with Jason Trennert

 

Disclosures

This information was prepared by Fund Evaluation Group, LLC (FEG), a federally registered investment adviser under the Investment Advisers Act of 1940, as amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund Evaluation Group, LLC, Form ADV Part 2A & 2B can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention: Compliance Department.

This information is prepared for informational purposes only. It does not address specific investment objectives, or the financial situation and the particular needs of any person who may receive this presentation. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or sell any securities.

The information herein was obtained from various sources. FEG does not guarantee the accuracy or completeness of such information provided by third parties. The information in this presentation is given as of the date indicated and believed to be reliable. FEG assumes no obligation to update this information, or to advise on further developments relating to it.