The quarter was dominated by the United States’ decision to go to war with Iran. The consequences of this action drove market returns during the period, and its second order effects are likely to influence markets for the remainder of 2026. We expect significant impacts not only on commodity price such as the obvious, oil and natural gas, but also a shift in monetary policy as policymakers respond to heightened inflationary pressures resulting from the conflict.
2025 Fourth Quarter Review & Commentary
In this quarter’s investment commentary, Chief Investment Strategist Chris Battifarano reflects on the importance of disciplined risk management amid heightened policy changes, political uncertainty, and evolving global dynamics. Drawing upon lessons from market history and the late Peter Bernstein, we encourage diversification, and long-term perspective over emotional, short-term oriented decisions. Chris reviews key market developments from 2025 and outlines potential risks and opportunities for the year ahead, including fiscal policy, monetary leadership changes, valuation concerns, and the accelerating trend toward deglobalization.
