2025 Q3 Outlook Email. By stuart cole | @stuart cole | 27 june 2025. As figure 1 shows, 70% of the s&p 500's total return in 2023 came from expanding p/e multiples, and just 24% from earnings growth;
Investment themes for q3 2025. Signals suggest that the us still leads the pack, but europe and the uk appear to be turning a corner, while.