Cresset's Ablin: Overvalued markets today will lead to muted gains in '24

Jack Ablin, chief investment officer at Cresset Capital Management, says that the "hurricane" of bad economic numbers investors expected in 2023 could be a "gale force wind" in 2024, which is "something we can adjust to," which should help keep an economic downturn to a modest amount of time. Still, Ablin says that the technology sector is trading at 47 percent premium on a relative forward P/E basis to the rest of the Standard and Poor's 500, and history suggests that condition will lead to mediocre performance over the next 12 months. In The NAVigator segment, Eric Purington of the Aberdeen Global Infrastructure Income Fund, says mega-mergers involving oil giants Exxon and Chevron have implications for middle-market and midstream energy companies and infrastructure companies, because they show that larger energy companies are poised to make big investments in smaller firms, and the deals  have opened the door to other mergers at all levels of the industry. Plus, in the Market Call, Dan Ives of the Wedbush ETFMG Global Cloud Technology ETF talks artificial-intelligence and cloud computing companies.