What’s the market’s state of mind going into 2024

My base case is that we see rotation from megacap tech into broader indexes or value early in the year but there’s a compelling case that there are trillions of dollars on the sidelines that will flow into stocks in 2024.

‘Extreme greed’ is never a good sign but there has been an extreme change in the fundamentals, with yields dropping, the Fed signalling a pivot and inflation looking like it’s dead.