The Year of the “Unloved” Rally: A 2025 Retrospective
January 15, 2026
If 2024 was the year of the breakout, 2025 was the year the stock market climbed a historic “wall of worry.” As the year began,
Every three months, the partners and portfolio managers collaborate on a summary of the state of the economic world as it pertains to your portfolio and our approach. Below, you will find links to our archives.
If 2024 was the year of the breakout, 2025 was the year the stock market climbed a historic “wall of worry.” As the year began,
Continuing a bit on the theme of our last quarterly letter, which talked about how the market “climbs a wall of worry,” and the closing
My oh my! How fast things can change in the capital markets. The S&P 500 reached an all-time high of As we were writing the
My oh my! How fast things can change in the capital markets. The S&P 500 reached an all-time high of 6,144 on February 19th of
2024 turned out to be a very good year for equities in North America: the US market (the S&P 500) is up 25% and the
While the stock market usually posts moderate gains during election years, averaging 7% since 1952, 2024 could be an outlier, with the S&P 500 continuing
Now that the first half of 2024 is over, let’s look at how the performances differ from country to country, from sector to sector, and
Looking back at 2025, the topics you were most interested in shared a common thread: a desire to understand better long-term outcomes in a market
Today’s investors have access to more products than ever. Among the most common are Mutual Funds, Exchange-Traded Funds (ETFs), and stocks. Each option can help
Saving isn’t glamorous. It means choosing to withhold spending now so you can enjoy more in the future, and let’s be honest: in your 30s,
At first glance, implementing tariffs may seem like a straightforward and beneficial policy. After all, why not impose a tax on foreign goods and generate