Being a market strategist in 2025 means Brian Levitt is becoming accustomed to an onslaught of issues: tariffs, Federal Reserve independence, fiscal deficits, valuations… Fortunately, stock market gains have carried on. In this edition of Above the Noise, he focuses on a few issues to watch. ▪️ Artificial intelligence, automation, and the reallocation of capital toward intangible assets have contributed to a surge in corporate profitability per employee. The implications for the labor market will play out over time, but the trend has looked positive for shareholders. ▪️ How do stocks respond to rate cuts? That’s highly dependent on the economy at the time of the cut. If the current environment continues to resemble past non-recessionary rate-cut cycles, then history suggests that stocks could continue to perform well. ▪️ Does the surge in gold prices mean that investors are wary about US institutions? He doesn’t believe that’s the case. Gold prices have been rising due to a mix of m...