1. The S&P 500's forward 4-quarter earnings estimate rose slightly to $284.21, with a P/E ratio of 23.4x and an earnings yield of 4.26%; 2. The current bull market is described as more 'orderly' compared to the late 1990s, particularly in retail investor behavior; 3. Three Fed rate cuts in 2025 are expected to support continued gains in stocks and bonds.