Will U.S. Stocks Experience Mean Reversion Or A Gambler's Fallacy?

1. S&P 500 rose 25% in 2024, second year of over 20% gains. 2. Historical data shows continued solid returns follow back-to-back 20% gains. 3. S&P 500 has not experienced a -10% correction in over two years. 4. Market concentration may create opportunities for active management in 2025. 5. Potential catalysts for a market pause include inflation and higher rates.