RGA Investment Advisors, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. At first glance, 2024 seemed to be another exceptional year for equity markets, but a closer look revealed a markedly different situation. Even the overarching narrative held its complexities. According to the prevailing story, the S&P 500 achieved impressive results, driven by excitement surrounding AI developments. The letter discussed this not to justify the fund’s performance, but to emphasize the unusual nature of 2024 in the...
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