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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
