Looking back at 2023, 2024 and 2025, it’s hard not to think: wasn’t it easy to make money?

As the table below shows, almost everything went up. With around 95% of asset classes delivering positive returns, avoiding losses wasn’t the challenge - owning enough of the winners was.

But periods of easy money don’t last forever. Eventually, the macro backdrop shifts, leadership changes, and returns begin to diverge sharply across assets, as investors saw in years like 2018 and 2022.

With that in mind, we invited two market pros - Michael Wayne from Medallion Financial Group and Adam Dawes from Shaw and Partners - to discuss where investors should be positioning, and where trimming exposure may make sense heading into the new year.

Note: This episode was recorded on Wednesday, 17 December 2025.