The Globe and Mail reports in its Saturday edition that every year top visionaries in investing attempt to predict the stock market's performance by year-end. The Globe's Tim Shufelt writes that one might expect valuable insights from these experts. There are 15-plus strategist targets that get compiled each year from the likes of Goldman Sachs, Morgan Stanley and RBC Capital Markets. A year ago, the predictions from this group for how the S&P 500 index would perform in 2024 ranged from a loss of 12 per cent to a gain of 15 per cent. The index ended the year up by 23 per cent. Ditto for 2023. The S&P 500 ended the year on a 24-per-cent gain, 7 per cent ahead of the rosiest prediction. Forecasts mainly reflect forecasters' feelings, serving as a proxy for institutional investor sentiment. However, big market calls attract attention because investors seek an edge, which is not found in the industry consensus. There is no crystal ball in investing. Even if there were, it probably would not help you. For what it is worth, the median forecast projects that the S&P 500 will gain about 12 per cent in 2025, according to top strategists. They may be right, but Mr. Shufelt says he would not put money on it.