We hope February has gone well for you. This month, we provide our thoughts on the economy, equities, and fixed income. Please take a look at the attached PDF. We have also uploaded the PDF to your Emoney vault/candor commentaries/1Q 25 folder so you can reference it later. 

Highlights include:
* US economic and corporate profit growth have been solid while international economic and profit growth has generally been weaker
* Inflation has been more persistent so expect fewer rate cuts
* Some investors are concerned about tariffs and growing federal budget deficits and debt 
* The US stock market has been on a good run and is top-heavy and we have more modest return expectations over the next 5 years 
* We see small-cap, value, and international stocks as relatively attractive 
* Fixed income has become more competitive versus equities
* We see relative value in US debt, mortgage-backed securities, and US treasury inflation-protected securities. 

Any feedback on the above is appreciated. Now may be a good time to catch up. My scheduling link is: https://calendly.com/bhawes-1/brief_conversation.

Sincerely,
Bill Hawes, CFA, CFP
President and Chief Investment Officer
Candor Asset Advisors
 
O: 512 522-8501
C: 512 470-6106
Alt: 737 265-3782
bhawes@candorassetadvisors.com
 www.candorassetadvisors.com