Here, There, And Everywhere Report - January 2025

This month, our Here, There, And Everywhere chartpack reiterates our main thesis for 2025: the three main narratives driving markets today – fiscal profligacy, trade war, and geopolitical conflict – will peak at some point in 2025. Why does this matter? All three have been tailwinds to US assets, and their peak should help usher in the peak in US outperformance relative to RoW. We conclude with some slides on our bullish Europe thesis.