2025 End of Year Special Report

[Ethan Hare]

Thanks for sharing to us freeloaders. I have benefitted greatly from your posts. Merry Christmas

[Callum Thomas]

Thanks Ethan, that's awesome :-)

Merry Christmas!

[Monty Carlo]

Thanks Callum, much appreciated end-of-the-year share and great insights during the year as well as for 2026. I agree with the mental model of EM vs. US (overstretched) as well as Energy & Commodities.