Unhedged Can 2026 match 2025?
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Dec 11, 2025 
Ian Smith, Senior Markets Correspondent at the Financial Times, joins Katie Martin and Robert Armstrong to dissect the surprisingly robust US stock market of 2025 and its outlook for 2026. They discuss how corporate earnings and AI advancements fueled gains, while also exploring the geopolitical influences like Trump’s tariff backtracking. Risks abound, from a potential AI bubble to inflation resurfacing. Ian humorously shorts K-pop Demon Hunters, contrasting it with value stocks, as they all ponder the implications of market consensus and investor sentiment.
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Markets Proved Remarkably Resilient
- Markets shrugged off political shocks in 2025 and registered strong returns despite turmoil.
- Katie Martin highlights resilience driven by calm markets and investor optimism.
Politics Took A Back Seat To Earnings
- Robert Armstrong credits political de-escalation (the 'taco' trade) for calming markets after an April scare.
- Ian Smith and Rob link strong corporate earnings and AI investment to the US market rally.
Taco Trade Became A Meme
- Robert Armstrong's 'taco trade' joke became a market meme after Trump backed off tariffs in 2025.
- Rob describes Taco the Reindeer as the show's mascot born from that moment.