The Globe and Mail reports in its Tuesday edition that if you want to find this year's stock winners, the first place to look is last year's losers. Globe columnist Gordon Pape writes that those were interest-sensitive equities: utilities, real estate investment trusts, pipelines and telcos. Virtually all stocks in these sectors were hammered, although most participated in the year-end rally. Mr. Pape sees them continuing to move up in 2024. Tech stocks will slow. Artificial-intelligence darling Nvidia saw its shares gain 233 per cent last year. They will not come anywhere near that in 2024. Microsoft was up by two-thirds, something it probably will not repeat in 2024. Tech will not fall into a hole, but stock price gains will be based more on earnings and less on anticipation. The outlook for this year is better than at any time since the start of the pandemic. Rising interest rates and the threat of a recession continued to put pressure on share prices. The S&P/TSX Capped Financials Index was in negative territory for most of the year. Only a fourth-quarter rally enabled it to finish 2023 with a gain of over 9 per cent. Mr. Pape believes we will see a better performance this year. Bonds will continue to rally.