| While nobody can predict the future, it's always a good idea to get a sense of the major factors that could drive the market up or down over the next 12 months. A month ago, I wrote about the expected factors that would impact 2025. They include potential deregulation and tax reform pushed through congress by the Trump administration, lower borrowing costs resulting from Federal Reserve interest rate cuts, and higher profitability among publicly traded companies. (A month later it looks like lower borrowing costs are iffy, as the Fed has signaled it's on hold for the moment.) But there's another way to look at the market and what to expect. That's through consistent historical market patterns. And one of those patterns is providing real insight right now. I'm talking about the presidential market cycle, which analyzes market returns in each year of a four-year presidential term. The pattern has been uncannily consistent throughout American history. Essentially, between 1928 and 2021, the market performed significantly better in the final two years of each president's term (on average) than in the first two years. | 
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