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In this episode, Jack Farley and Max Wiethe break down what really happened in markets in 2025 and what it means for investors heading into 2026. While U.S. equities delivered strong returns and continued to attract record foreign capital, global markets quietly outperformed, with emerging markets, Europe, Japan, and parts of Asia posting significantly higher total returns. The conversation digs into why the “U.S. is the only game in town” narrative broke down, how currency hedging changed foreign capital flows, and why countries like South Korea and China dominated performance. Jack and Max also explore sector-level winners and losers, the ongoing strength of AI and semiconductors, and the rise of speculative excess in areas with little fundamental support. Looking ahead, they debate the biggest risks for 2026, including AI valuations, private credit, labor market weakness, and the growing disconnect between corporate profits and employment. The episode closes with a discussion of tariffs, geopolitics, precious metals, and where real opportunities and hidden risks may lie as the global bull market continues to evolve.

Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

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Timestamps:

00:00 Introduction

00:47 US Market Performance in 2025

02:37 Global Market Comparison

04:25 Top Performing Countries and Sectors

05:08 Worst Performing Markets

11:29 Sector Analysis and Trends

16:50 Speculative Stocks and Quantum Computing

19:59 AI Trade and Precious Metals

23:55 Silver Market Dynamics and Supply Constraints

25:02 Biggest Risks to Market Stability in 2026

26:58 Bond Market and Inflationary Concerns

30:28 Private Credit and Market Risks

36:02 Tariffs and Their Impact on the Market

41:29 Geopolitical Special Situations: Venezuela

44:15 Upcoming Interviews and Fiscal AI