For first-time listeners, welcome! In this opening episode of the year, Paul Merriman—founder of the Merriman Financial Education Foundation—looks back at 2025 to uncover what the markets taught us and how those lessons can help do-it-yourself investors make better decisions going forward.

Despite endless predictions about what markets should do, Paul reminds us that his role isn’t to forecast the future—but to help investors understand risk, return, and how to build portfolios they can truly stick with.

In this episode, Paul explores:

A surprising result from the “Magnificent Seven” stocks
Why diversification mattered more than ever in 2025
How different equity asset classes really performed
What 56 years of data (1970–2026) tells us about staying the course
Why portfolio structure matters far more than chasing winners
Two very different—but valid—approaches to fixed income investing

If you want perspective instead of predictions—and data instead of hype—this episode is a powerful way to start the year.

S2. E9. Thoughts, Emotions, and Feelings. What is the difference?