Greg Leonberger, FSA, EA, MAAA, FCA
Partner, Director of Research
A former colleague once described his brother-in-law to me as a “40 degree day.” The puzzled look on my face revealed my unfamiliarity with the term, so he went on to ask me: “When does anyone get upset about a 40 degree day?” I laughed and shook my head — it was genius, the perfect way to describe something more forgettable than memorable…not especially good or bad, just average.
Given what markets have been through over the last four years — COVID, outsized returns both good and bad, record inflation, sky-rocketing interest rates, geopolitical conflict, and elevated volatility — I know I’m not alone in hoping that 2024 market returns will resemble a 40 degree day. Indeed, an “average” year of returns across markets will equate to positive portfolio performance for most asset allocations and allow investors to satisfy their risk and return goals.
Of course, there are potential stumbling blocks to a “normal” year. In particular, we will closely watch the Fed pivot and the disparity between expected and actual rate cuts, geopolitical conflicts, and the U.S. presidential election.
With that as background, we offer our annual outlook across asset classes, highlighting trends and themes for the year ahead. Happy reading and here’s to a year of normalcy!
Read > A 40 Degree DayThe opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
11.03.2025
Small-cap equities are in a prolonged period of underperformance relative to large-cap stocks, but this trend has shown early signs…
10.27.2025
To paraphrase a quote from former President George W. Bush: “Fool me once, shame on… shame on you. Fool me…
10.22.2025
This video is a recording of a live webinar held October 22 by Marquette’s research team analyzing the third quarter…
10.22.2025
I spent the past weekend at my alma mater to watch them play their biggest rival. Football weekends there are…
10.20.2025
This week’s chart compares institutional and retail investor sentiment using two established indicators. Institutional sentiment is represented by the National…
10.13.2025
After a three-year drought, the IPO market is stirring again… but only for a select few. Just 18 companies have…
Research alerts keep you updated on our latest research publications. Simply enter your contact information, choose the research alerts you would like to receive and click Subscribe. Alerts will be sent as research is published.
We respect your privacy. We will never share or sell your information.
If you have questions or need further information, please contact us directly and we will respond to your inquiry within 24 hours.
Contact Us >