A not-so-serious guide to 2024’s key moments

On the last day of Christmas, Livewire gave to me...
The best investing memes of 2024

2024 was a whirlwind year for global markets, and what better way to recap it than through storytelling by memes?

From political drama to soaring tech stocks, central bank pivots, and even Australia’s shocking breakdancing performance at the Paris 2024 Olympic Games, investors had plenty of reasons to laugh (and sometimes cry). 

Here's a breakdown of the year's most memorable market moments, told through memes.

1. Breaking records

Waking up to headlines like “US markets hit another all-time-high” became almost routine in 2024 - it happened so often.

Markets were unstoppable: the Dow soared past 40,000, the S&P 500 hit all-time highs, and even the ASX 200 finally broke through 8,000. It wasn’t just stocks either—government bonds, commodities, and listed property all had a positive year.

The best part? Like the trusty Raygun meme, you didn’t need to know much about breakdancing - or “stonks.” A rising tide of easing monetary policy lifted nearly every boat. Simply being in the market was enough to leave you feeling as triumphant as an Olympian by year’s end.

2. The AI titan

NVIDIA’s AI-fueled dominance hit a new milestone, cementing its status as the crown jewel of the tech revolution. Its staggering growth became the ultimate symbol of 2024’s AI hype train.

But as critical as NVIDIA is in the AI story, the stock remains one of the most hotly debated due to its sky-high valuation. For those who missed the boat, 2024 was a year of mixed emotions—part FOMO, part regret, and maybe a little hope that next year they’ll get another chance to climb aboard.

3. The pivot heard around the world (except Australia)

Jerome Powell finally delivered the rate cuts markets had been anticipating in September, after pushing interest rates to 22-year highs. The aggressive tightening had pushed borrowers to the brink and prompted nearly every major central bank to follow suit - except for Australia.

Once the cuts hit, markets went full throttle. The S&P 500 surged nearly 10% in Q4, while the ASX briefly topped 8,500, marking a strong finish to the year.

4. Meanwhile, in Australia’s economy

While central banks around the world embraced rate cuts, the RBA held firm, standing apart amid a global wave of easing. A complex mix of strong employment, modest growth, and stubborn inflation has left little justification for a rate cut.

At the start of the year, economists widely predicted at least two cuts in the latter half of 2024. Instead, the RBA’s hawkish stance and resilient data blindsided economists—making this meme of a typical forecaster all the more fitting.

6. God’s Bank tops $150

While the RBA hesitates, “God’s Bank”—the nickname given to Commonwealth Bank by industry insiders—soared past $150 in November. The milestone baffled advisers and fund managers, especially given its consensus sell rating, as retail investors (like my dad) continued to pile into the stock, drawn by its strong brand and reputation.

When I asked my dad why he keeps buying CBA, he told me it’s the management’s track record that wins him over. He hasn’t forgotten how CBA kept generously rewarding shareholders during COVID, while other banks were forced into steep capital raisings and painful dividend cuts. Bank investors never forget.

7. The crypto fallout

Who could forget the “Crypto King,” Sam Bankman-Fried, receiving a 25-year prison sentence for orchestrating one of the biggest scams in modern history with the collapse of FTX? Around the time of his sentencing, crypto seemed locked in its own cell of negative sentiment. But then along came Trump, pulling off a great escape for the industry by emerging as one of its biggest supporters.

8. The Trump Effect

Re-elected to the White House, Trump’s pro-business policies gave investors plenty to cheer about, but his trademark unpredictability remains a wildcard. For Australian investors, Trump’s return is a critical space to watch.

With our economy heavily reliant on China and global stock market sentiment tied to the strength of the US consumer, any potential tariffs or trade wars under his leadership could ripple through both economies, affecting exports, trade relations, and market confidence.

9. Bitcoin tops US$100,000

Bitcoin surged back to prominence in 2024, driven by growing institutional adoption and increasing skepticism toward traditional currencies. It was a remarkable comeback for the cryptocurrency, especially considering the lingering fallout from the FTX scandal and criticism from financial heavyweights like Jamie Dimon, who has long been wary of Bitcoin.

Yet, when major ETF issuers like BlackRock began launching Bitcoin ETFs and Trump embraced the title of “Crypto President,” it became clear this space is impossible to ignore. Despite its volatility, investors may want to make a New Year’s resolution to get up to speed on Bitcoin in 2025.

10. Simplicity wins again