The Globe and Mail reports in its Wednesday edition that investors may see another year of double-digit gains, according to BMO chief investment strategist Brian Belski. The Globe's Jennifer Dowty writes that the S&P/TSX Composite Index is headed to 28,500 by the end of 2025, implying a price-to-earnings multiple of nearly 18 times. In his recent 2025 outlook, he highlighted five forces that may maintain the rally in the S&P/TSX composite: 1) The key reason is earnings growth with room for a potential upward revision; 2) Multiple expansion; 3) Improving breadth; 4) Falling interest rates; and 5) Potential inflows into Canadian equities by foreign investors as well as Canadians who have money parked in cash and money market investments. "We think that the juice in Canadian earnings is going to come from financials because we know that the majority of Canadian financial analysts who cover banks are too conservative. The numbers are too low," Mr. Belski told The Globe. "The yield curve is steepening, interest rates are going down, which will spur real estate, which will spur people spending more money. I think that earnings are too low, especially in financials, and that's where the kick is going to come from."