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Welcome to Investing Insights. I'm your host, I Vana Hampton. Market volatility has left

as imprint in 2025. Turbulance from tariffs, tech, and more have shaken investors' confidence at times.

Many folks look for safety during those down periods. Yet, the U.S. stock market overall has

delivered a strong performance. So who are the leaders and laggers as this year comes closer

to wrapping up? And what should you watch with 2026 fast approaching?

Joining me as Morning Start Index's Strategist and columnist Dan Lefkowitz, who has examined this year's

investment performance. Thanks for being here, Dan.

It was great to be with you, Ivana. Many Wall Street forecasters predicted upbeat 2025.

And then they adjusted their forecasts as the trade tensions mounted throughout the year.

So this year unfolded differently than predicted.

What surprised you about investment performance?

Yeah, there were a lot of surprises in 2025, Ivana.

If you think about where we were one year ago, in the aftermath of the U.S. elections,

the market had some big reactions to Trump's victory and to the red sweep.

U.S. stocks rallied.

Europe sank.

Bonds sold off within the U.S. market, small caps, cyclicals were the leaders.

The dollar appreciated.

Crypto did really well.

And then, as you say, early in the year, as the full scope and scale of the Trump tariff policy came into clarity, there was a real reset and we shifted from risk on mode

to risk off mode, you know, greed gave way to fear. And we have recovered and obviously,

...