Darius McDermott: The lessons from 2025 and opportunities ahead

2025 has been a salutary lesson in the difficulty of timing markets. Investors who had listened to the market noise would have found themselves on a rollercoaster ride, trying to respond to tariff announcements from the White House, geopolitical turmoil, along with the usual highs and lows of economic data. A cool head has been important. The winners and losers have shifted significantly over the year. In the early stages, Europe led the way, as investors looked to move away from the US. The weakness in the dollar had made holding US assets more painful for international investors. This...