Newsletters
October 1, 2025
October 2025 Newsletter
2025 has been a great year so far, but it hasn’t been easy for many investors. Stocks have been
resilient in part because many investors were caught offsides having sold in the -19% mini-bear panic
through April and missed much of the rebound. It would be normal to see some cyclical/seasonal
profit taking (in fact, that’s our base case) but strong momentum, still healthy skepticism and massive
money market balances may fuel further gains through year-end
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