With significant transformations from both financial and non-financial perspectives, 2024 certainly saw more than its fair share of change. As the year draws to a close, we reflect upon these changes and anticipate the year ahead.

Within the financial markets, most of the changes were favourable. Much to the delight of mortgage holders, interest rates began a downward trend, departing from their twenty-year highs. These reduced rates played a crucial role in driving solid returns in the equity markets. Initially, the year's returns were primarily influenced by the performance of technology companies. However, during the second half of the year, the market witnessed a broader participation from various sectors, each contributing to the overall gains. Notably, Bitcoin continued to defy expectations, reaching record highs amidst speculation surrounding potential regulatory relaxations.

Positive changes were not limited to financial spheres. In the realm of space exploration, SpaceX achieved a remarkable feat by successfully capturing its Super Heavy booster using its "Mechazilla" launch tower. This achievement marked a significant step forward in the company's aspirations for interplanetary travel. Furthermore, Intuitive Machines made history by becoming the first private entity to land a spacecraft on the moon. On the athletic front, Team Canada brought home an impressive 27 medals from the Paris Olympics, surpassing previous medal counts earned in non-boycotted Summer Olympics. Additionally, for devoted Edmonton Oilers fans, the ice hockey season culminated in an exhilarating run for the Stanley Cup, igniting hope for an even more successful outcome in the upcoming season. And, in the entertainment industry, music enthusiasts witnessed their idol, Taylor Swift, join the exclusive ranks of the billionaires club. 

As we approach 2025, the future remains uncertain. However, as Morgan Housel wisely stated in his book, "Same as Ever: A Guide to What Never Changes," it is valuable to recognize what will remain constant. Fear and greed will continue to influence market dynamics, technological advancements will have profound effects on our lives in unforeseen ways, and noise in the marketplace will persist as a source of distraction. Amidst these uncertainties, cultivating resilience and maintaining a focus on long-term goals will be essential for achieving success.

As the world continues to evolve and bring about inevitable change, ATB Investment Management remains committed to constructing robust and resilient portfolios for its valued clients. During this holiday season, it is an opportune time to enjoy and appreciate the elements that endure—the love of family, the joy of friendship, the warmth of a sunbeam on a cold Alberta day, and the cozy ambience of a crackling holiday fire.