Morgan Stanley Investment Management’s Chief Investment Officer, Jim Caron, believes that change is looming in the US market, marking the end of an era of dominance by the so-called “Magnificent Seven” stocks. These stocks have distorted investors’ perceptions of the overall market’s strength, but Caron suggests that a shift occurred at the end of 2023. Caron anticipates changes in the structure of mixed-asset portfolios in 2024, including a broader range of stock bets and an emphasis on credit quality on the fixed income side.