As another eventful year draws to a close, we pause to reflect on the stories, surprises, and lessons that shaped the markets in 2025. From pop culture phenomena to policy pivots, from AI’s rapid rise to gold’s enduring allure, our annual holiday poem captures the spirit—and the quirks—of the year gone by. We hope it brings a smile, a moment of perspective, and a reminder that, in investing as in life, a steady approach often wins the day.

Business Development Companies (BDCs) offer a rare public window into the opaque world of private credit, revealing credit risk and valuation trends often hidden in private funds. Recent volatility has exposed a sharp gap between BDC share prices and reported loan values underscoring the value—and the risks—of transparency in private lending, and providing investors with a candid view of where credit risk may be heading next.

U.S. mid-cap equities are often overlooked, but beneath the headlines of consumer weakness and market volatility, there’s a more nuanced story. Portfolio manager Jeff Mo shares a bottom-up perspective on resilient—though bifurcated—consumer spending, margin surprises, and a capital expenditure boom that extends beyond AI. The discussion explores how company fundamentals, competitive advantages, and valuation opportunities are shaping portfolio decisions, with insights into sectors like defense and industrials. Jeff also addresses the impact of macro trends on stock selection, the evolving CapEx landscape, and why mid-cap valuations may offer compelling long-term potential.