2025 Recap: Stocks and Bonds Deliver

2025 proved to be a rewarding year for investors. Stocks rebounded from a challenging spring, and both stocks and bonds finished with healthy gains. The primary engine behind stocks' performance was earnings growth, supported by GDP numbers that accelerated impressively after the first quarter. The economic backdrop was further aided by the Federal Reserve, which cut rates three times to sustain the momentum.

While the labor market wasn't as strong as hoped, it remains fundamentally stable with healthy job openings and very low initial claims. In alternative assets, we saw a sharp divergence in the second half of the year: Gold surged, while Bitcoin struggled and ended the year in negative territory. Join me for a complete recap of 2025!