More specifically, 2025 was the first year of the Trump four-year term in which he had control of both houses, which is classically the best year for presidents to push through what they want, so we saw his administration’s all-out aggressive bet on capitalism—i.e., the aggressively stimulative fiscal policy, reducing regulations so that money and... See more

a) the Trump administration’s domestic economic policies were and still are a levered bet on the power of capitalism to revitalize American manufacturing and enable American AI technology, which contributed to the market movements I described above,

b) its foreign policy has scared and turned off some foreign investors as fears of sanctions and... See more

Regarding 1) what happened to the value of money: the dollar fell by 0.3% against the yen, 4% against the renminbi, 12% against the euro, 13% against the Swiss franc, and 39% against gold (which is the second largest reserve currency and the only major non-fiat currency). So, all fiat currencies fell, and the biggest story and the biggest market... See more

While most people see US stocks and particularly US AI stocks to be the best investments and hence the biggest investment story of 2025, it is indisputably true that the biggest returns (and hence the biggest story) came from 1) what happened to the value of money (most importantly the dollar, other fiat currencies, and gold) and 2) US stocks... See more