The US has increased its share of global equities, with the S&P 500 delivering returns of close to 25% in 2024. Despite concerns about inflation and recession, the market performed well, with the S&P 500 up 23.31% for the year. The dividend yield of 1.57% brings the total return to 24.88%. To put this in perspective, the 24.88% return ranks as the 27th best year across the last 97 years. Combining 2023 and 2024 returns yields a cumulative two-year return for the S&P 500 of 57.42%, making it one of the ten best two-year periods in US market history. The equity risk premium earned in 2024 over 3-month treasury bills was 19.91%, and over 10-year treasuries, it was 26.52%. Historical averages of equity risk premiums are volatile and have significant error terms, making them less reliable for forecasting. Coming into 2025, investors are cautious due to high PE ratios, but earnings yields are still in excess of treasury rates. An alternative approach to estimating expected returns on stocks incorporates expected growth and changes in cash flow patterns, yielding an implied equity risk premium of 4.33% at the start of 2025. This premium is close to the historical average, but volatility and uncertainty in the year to come may warrant a higher premium.