2023 was a great year for the small-cap index with a staggering 47.5% returns. Statistically 2024 might be a year of consolidation. It will be tough for markets to repeat this performance for two subsequent years.
2023 was also a year of bank failures in the US. Silicon Valley Bank, First Republic Bank, Signature Bank and Credit Suisse (almost) went bankrupt. For a moment it felt like 2008. But somehow the problem was contained and was not allowed to spread to the Global Financial system.
After a 20% rally from JUL-2023 the PE for the small-cap index has climbed to 32. Let’s see what 2024 holds for the markets.
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