’Tis the season to be jolly (can someone tell the Government…)

At this time last year the predictions were all doom and gloom for 2024. Even in the summer, anyone predicting we would end the year on a high would have been laughed at, but yet here we are, second in the league. Anyway, enough about my team Aberdeen, what about the markets I hear you ask?

The predictions for the markets virtually matched the expectations for the Dons; moribund at best, but yet global markets are all up with the US leading the way. As you would expect this has led to talk of the US being in bubble territory, and the potential for it to pop, and yet each quarter the earnings announced by the leading US companies match or beat expectations. Maybe there are still legs in this bull market?

There is no doubt the US is on a different plane from the rest of the Western world economically. Compared to the UK and Europe they have far lower taxes, both personal and corporate, and as a result more money is circulating in their economy. I would also suggest they have a different outlook where success is not something that should be poo pooed but positively encouraged.

Now of course we have The Donald 2.0 and there is no doubt this time around he and his team are far more prepared for government than they were last time. Much of the media focus is of course on the man at the top, but the people he is appointing to his cabinet are probably even more important, and although not career politicians most of them have expertise in their fields, especially when it comes to the economy. Markets have certainly reacted positively to his election, certainly far more than most media outlets.

Over here no one could suggest the UK is in a bubble. The new government have done a fabulous job of talking down the economy, so much so the IMF have cut their expectations for the UK in 2025. The mood change since the last time we had a Labour landslide ‘when things can only get better’ to Keir Starmer doing his best Private Fraser ‘we’re doomed’ impression is marked. Christmas must be a bundle of laughs in his house…

However, some parts of Europe must look at us with envy. Even though our government are less fun than most funerals, at least we have one, something neither France nor Germany have at present. 2024 was supposed to be the year of elections but it looks as though both of these countries are going to have another go this coming year. I doubt the results in both cases will be more conclusive this time around.

Time will tell how 2025 will pan out but this is the time of year when such things should be at the back of our minds and focus should be on family and friends. I am delighted to say that today one of the ASAM family, our long time ambassador Stephen Gallacher, collects his MBE at Buckingham Palace. Stephen was granted this in the King’s Birthday Honours as an acknowledgement of all he has done for golf through his eponymous Foundation.

We are delighted to have been involved with his Foundation since he established it in 2012. In that time over 1600 boys and girls from all backgrounds have had access to golf, a game many would never have had the chance to play. I know first-hand how much time Stephen and his wife Helen, as well as the many volunteers put in to ensure these children get both the best teaching and equipment to be able to fulfil their potential and there is no one more deserving of this honour.

Looking ahead one thing 2025 will be is a Golden year for ASAM as we celebrate our fiftieth ‘birthday’ in the summer. As you can imagine this is something we are all very proud of, but we could never have achieved this without the support of you, our clients and for that we are extremely grateful.

No doubt I will be boring you with this in the coming twelve months to the extent you will be glad when the year ends, but for now all that is left is for me to wish you and your families a very happy Christmas and New Year from all of us at ASAM.