2025 End Of Year +62%, The Triumph Of Sector Allocation Over Stock Picking

2026-01-02 06:30:00 ET

My usual end-of-year review, up 62%. This compares to about 24% for the FTSE All Share and 9% for the NASDAQ. To put performance in context, since ’08, I have slightly beaten the NASDAQ if you don’t consider Russia a total wipeout, or am about 30% behind if you value Russian frozen holdings at zero. Whilst this is a little disappointing, in the future, with more time put into it, I think I can do far better. We are also probably towards the end of a long tech bull market / potential bubble. Once this unwinds, my portfolio, which is entirely non-tech, will hopefully outperform significantly....

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