In 2024, US equity markets led the world for yet another year US equity returns appear to be driven more by animal spirits than fundamentals Investors are also buoyant, focusing on the short-term effects of President-elect Trump’s expected tax cuts and fiscal stimulus measures Risks on small caps can turn to opportunities for the discerning investor, if Mr Trump goes ahead with some of his proposed policies Consistent with our analysis, Fathom’s fixed capital investment optimiser picks the US as…