Subject: Re: OT 2025 Best Idea - Evolution AB
Good luck with your pick for 2025. Sounds interesting.

As for me, it's hard to pick my favorite long position for 2025 when I think that the S&P 500 will have a near zero return over the next 5-10 years. The P/E is just too high. Of course I've thought that for the last decade, so what do I know? My approach right now is to have a high allocation to T-Bills and to own a few companies that I think are high quality. A small return on BRK-B would be better than a smaller return on the S&P 500.