'Markets Remain Fragile & Shock Is Overdue' - BofA's Lessons From '24 To Remember In '25

BofA's Global Equity Derivatives Research desk take a detailed look under the hood at what happened in 2024 and what lessons we can learn - and apply - in 2025...

1. Think 2024 was a good year? It may only be the beginning

2. 2024 looked more like ‘96/’97 than ‘98/’99

3. In a bubble, leadership can last longer than you can stay underweight

4. But momentum + valuation already too rich to avoid a bust