The S&P 500 posted its second consecutive 20%+ annual advance. Yet since WWII, only 20% of the time did the S&P 500 follow up with a “three-peat.” What’s more, 2024 was the sixth year in the past eight in which the Tech sector rose by 30% or more. With that in mind, should investors buy last year’s winners or losers? A “Free Lunch” is defined as receiving something for nothing, or with investing, receiving a higher return with lower volatility. In this presentation, Sam Stovall, Chief Investment Strategist at CFRA Research, will discuss whether history advises buying last year’s winners or losers and how a portfolio consisting of only two sectors delivered 94% of Tech’s return since 1990 with 40% lower volatility.