Although nearly all markets and all asset classes were up in the year just ending, and by meaningful amounts, this masks the great rotation that is underway. U.S. equities are faltering and the Magnificent Seven beginning to roll over, while global markets outperformed the U.S., almost doubling its performance, for the first time since the Great Financial Crisis. Long underperforming commodity stocks came to life, beating the broad market, with gold and silver stocks multiplying the S&P’s annual gain ninefold. Though the momentum may slow, we believe these trends will continue. Gold tends to move in long cycles, while the last time that international markets beat the U.S., the outperformance lasted seven years. Within, we discuss fundamental reasons why these trends will likely continue.

Finish reading here: Portfolio Review 4Q 2025