January 2025 Market Quick Hit

• Nearly all asset classes closed the month in positive territory with the S&P 500 Index rising 2.8% and the Bloomberg US Aggregate bond index rising 0.53%.

• January came with volatility with early month jitters caused by reduced expectations for interest rate cuts after a positive jobs report and later in the month, news that Chinese firm Deepseek had developed a cheap approach to Artificial Intelligence jolting Nvidia’s stock price down 17% in a single day.

• Mid-cap and international developed markets outperformed US Large Caps during the month.

• The Federal Reserve started the year with a pause on rate reductions noting that the labor market remains solid, and inflation remains somewhat elevated.

• The 10-year treasury yield ended the month right where it started providing minimal disparity between short, intermediate and long-term bond results.

Positioning & Outlook

• GDP remains positive, but is slowing relative to prior quarters, which presents the need to be cautious, yet not to the point of pessimism.

• The new administration in the US is creating an interesting conflict signaling pro-growth initiatives of tax cuts and deregulation pitted against dramatic cuts in government spending putting negative pressure on economic growth.

• We believe this battle could create volatility as the markets attempt to digest the near and long-term implications of the administration’s actions.

• We believe incorporating alternative assets specific to investment objectives can further improve return, income and risk metrics within a portfolio.

• We continue to promote diversification by asset class and style with an increased focus on equity downside mitigation to combat potential near-term volatility.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.