Smoak Capital Management, LLC, an investment management firm, released its fourth quarter 2024 investor letter. In 2024, the fund’s net return was 32.4%, outperforming the S&P 500’s full-year return of 25.0%. The biggest, most successful tech companies drove returns in 2024, which was similar to 2023 for the larger markets. In 2024, sentiment toward AI might have reached a fever pitch if it wasn't already there in 2023. Undoubtedly, as AI continues to advance, businesses and consumers will gain from it in a variety of ways, some of which are evident now and others of which we’ll only...
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