I honestly thought today was Friday

Hello. It’s Wednesday but up until a few minutes ago I thought it was Friday. So here’s the year end Friday Speedrun, lol.

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2025 in Review, Friday Speedrun Style

Global Macro was all over the place this year
Bullish in January ===> World ending by Q2
The Economist nailed the bottom. Covers colored by fear.
Trade wars are good and easy to win. Who knew?

The rare double buy signal issued by The Economist in April 2025

Bond vigilantes appeared for a bit
But they never had control for long
The UK budget was seen as legit
Deficits schmeficits, the global economy’s strong

Mild tick up in the UR and trend GDP
Inflation is sticky but not a concern
It’s year four of the soft landing that was not meant to be
Recessionistas’ hearts and minds churn and burn

Stocks performed well, they did more than okay
January NVDA cratered on the DeepSeek Freak
April, SPX collapsed because of Liberation Day
Then spent the rest of the year climbing to the 7k peak

Stochastic parrots were the primary theme
We need to house billions of them in data centers
They poop out tokens, a technotopian dream
OpenAI and NVDA remain the epicenters

But OpenAI, that guy’s known to lie
The rally in Oracle proved to not be oracular
The MOU took ORCL stock to the sky
Then its fall back to earth was equally spectacular

Interest rates traded mostly a range
One that has dominated since two oh two three
10s at 4.15% are sharply unchanged
Can the MOVE index go negative? Tee hee.

The Fed was bullied like a grade school nerd
And fought back by … ermm… cutting rates thrice
The Fed chair pageant drags on, it’s absurd
Yet 2026 has them cutting just twice

Global yields continue their grind up
Japanese bonds are the weakest this year
Who knows where JGB yields will finally wind up
But despite the moves, there’s so little fear.

Fiat currencies had a crazy first half, buddy
Dollar bulls quickly flipped short on capital flight panic
The dollar sold off hard and sentiment got nutty
Every human in the world bearish dollars. ‘Twas manic.

In the second half, there was nobody left to sell
The pension fund thing was a one-off, not persistent
When every strategist called for another 20% down, that was a tell
Q4 themes in FX were almost non-existent

Aussie broke many hearts again this year
Rate differentials just don’t seem to matter
Terms of Trade: irrelevant, that’s been abundantly clear
Look at rates vs. FX; what a mad scatter

Crypto oh no, altcoins and memecoins are dead, bro
OG whales laid into Saylor’s orange dot flow
DATs pulled the stupidest trick since the SPACs
And the bitcoin vs. gold vs. NASDAQ corr finally cracks

MSTR rinsed by massive dilution
His preferred stock ticker symbols end with F C K E and D (I’m not joking)
“I won’t sell below 2.5 mNAV” Errr… “People are freaking I need a solution.”
“I’ll sell stock to buy fiat!” Sir: Can I ask what you’re smoking?

October 10 liquidity didn’t look like the future of finance
Automatic liquidation more like October 1987, amirite?
Back then we had portfolio insurance, now they have Binance
The FARTCOIN chart is a flatulent triceratops if you squint your eyes tight

The word “poof” is flipped on purpose to mess with your mind

Commodities are hot like wasabi, especially metals
Silver might be a bubble boosted by wallstreetbets
Copper and platinum near the highs as the year settles
But this might be as frothy as it’s going to get

Oil does nothing. Inflation adjusted it’s basically free
One of the primary accomplishments of Trump 2, Year One
The market has been short all year and correct, oh the glee
Though I am not sure oil shorts had all that much fun

How much energy will we need for AI?
Malthus never wins in the long run
Nuclear schemes and lithium dreams: BUY BUY BUY
Be ready for: Energy and rare earths glut, 2031

OK. That’s it!

Thanks for reading my thoughts on markets, and selling, and buying.
Get rich in 2026. Or have fun trying.

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