At the beginning of every year, investment firms around the world publish their year-ahead outlook for markets and the economy.

As the world enters 2025, the critical issue we are facing is Peak Crude Oil, relative to population.

Among the top five best-performing S&P 500 stocks, two (Palantir and NVIDIA) are directly tied to AI, while two others (Vistra and GE Vernova) benefit indirectly through increased energy demand.

Debt bloats the global economy. Spending and debt, rather than savings and prudent investment, form the foundation of economic development.

The big cycle of the Dow is still working, and it should be a good year in 2025.