The 2025 Scorecard
A year-end reality check on 2025 ideas, before Q4 earnings arrive.
Goodbye (almost) to 2025
This note is a full year-end check-in on every stock and fund I wrote about in 2025 (other than those published this month). For each position, I go back to the original thesis, anchor on today’s price, and ask one question only: what has actually changed? I’m not updating models, forecasting earnings, or speculating about 2026. …