Please stay tuned for important disclosure information at the conclusion of this episode.

Hello and welcome to the Morning Filter podcast. I'm Susan Jubinsky with Morning Star.

Every Monday before market open, Morningstar Chief U.S. market strategist Dave Sikara, and I sit down to talk about what investors should have on their radars for the week,

some New Morning Star research, and a few stock ideas.

Now, this week, Dave and I are engaging in what's become an annual holiday tradition here at the podcast.

We're reviewing some of our best and worst stock calls from 2025,

and we'll share a few picks from 2025 that Dave still likes heading into the new year.

We're taping this episode on Monday, December 15th.

But before we begin, a programming note, this is the final episode of the Morning Filter podcast for Dave and I this year.

We'll be back with a new episode on Monday, January 5th, where we'll recap 2025 and share

some thoughts about what's on radar for 2026. We hope you'll join us then. And Dave and I would

like to wish our viewers and listeners a very happy holiday season. All right, well, good morning, Dave.

Before we dig into your stock hits and misses from the year,

remind viewers what Morning Stars investing philosophy is about. It's really not short term, is it?

Exactly. I mean, when you think about Morning Stars investment philosophy, it's really looking

to focus on investing for the long term. And I think a lot of people sometimes confuse the difference between investing and trading.

You know, in my mind, those are two very different activities.

With trading, essentially, you're just looking to scrape some small short-term profits off

of a stock movement, typically either just due to some momentum factors or maybe a hard catalyst. And I'd say there are just very few people that I think are really adroit enough in their trading

to be able to do that consistently and make enough money really to make that a full-time pursuit.

Now investing on the other hand is really conducting the research, doing the due diligence, doing your analysis to determine

what you think the intrinsic value is for a company. Now, the intrinsic value in our mind is really

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