By Dhaval Joshi, chief strategist at BCA Research
Executive Summary
- A good investment playbook is: 2025 = ‘2000 with some tweaks.’
- The key similarities between 2025 and 2000 are:
- The stock market is in a countertrend rally through the early summer before the tech bubble resumes its deflation; the US economy is not going into imminent recession; and the Fed is unlikely to cut rates much, if at all.
- The key differences between 2025 and 2000 are:
- The US stock market and government bonds will underperform the non-US; and the dollar will underperform other major currencies
