Why wealth management resonates in 2024’s earnings season is linked to EPS surprises in industrials, with Caterpillar posting a 14% rise, driving cyclical plays. Wealth managers pivot between equity allocation and corporate bonds yielding over 5% to stabilize returns. So says Peter Lynch, who made it his mantra while successfully managing Fidelity Investment’s Magellan Fund FMAGX between 1977 and 1990, averaging a 29.2% annual return and consistently outperforming the S&P 500 SPX. Lynch retired as manager at the age of 46, but at 81 remains vice chairman of Fidelity Management and Research. J.P. Morgan Asset Management has also recently filed with the U.S. Securities and Exchange Commission for its Total Credit ETF that allocates up to 15% of assets to private credit. Why wealth management stays critical: With Fed signalling just one rate cut in 2024, duration and equity beta are tightly monitored. Balanced portfolios have outperformed all-equity portfolios by 3.4% YTD on risk-adjusted terms.