Assuming you are comfortable with our 8% earnings growth estimates for 2025 … all it would take for the S&P 500 to go from 6100 to 4800 is a repricing of the market’s forward multiple from 23 times to 18 times earnings.

I don’t think there are a lot of experienced investors that would view an 18x forward multiple as particularly cheap. Just a thought as we commence 2025 here. Nobody has a crystal ball. Keep an open mind.