2025 Recap

2025 was a wild year in every sense. Political, economic, social, and international news events that could have dominated the news cycle for a month were replaced the next day by even wilder events. So far, 2026 is starting the same way…

Let’s start with a market recap:

2025 marks the third straight year of positive gains for the S&P 500—great news for everyone invested. It was hard to find a bad investment in 2025, with everything from bonds to niche ETFs finding success. Gold increased by over 65% and silver shot up over 140%.

Another big win in 2025 was international stocks, with the MSCI World excluding US Index increasing by 32.55%. Among many factors, the high valuations of US stocks following 2023 and 2024's booming markets made international stocks far more attractive to investors.

What's the key takeaway from 2025? Stay the course and stay diversified. A diverse portfolio of indexed, passive funds performed wonderfully.

You know what didn't perform wonderfully? My predictions this year. I had some decidedly incorrect forecasts:

• I thought inflation would stay above 3% all year. WRONG. We did see inflation return to 3% in September, but it has since dropped back to 2.6%.

• I thought it would take years for the market to recover from "liberation day." WRONG. The market recovered and soared quickly (though economists and political pundits will debate why for decades).

What did I get right? With each incorrect prediction, I reiterated that staying the course and staying diversified is the best way to insulate yourself from whatever turn the market makes. I hope you stayed the course and stayed invested in 2025. If you did, you're wealthier today than you were one year ago.

If you didn't, it's not too late. Open an account, invest in passive indexed funds, or open a robo-advised account and let the algorithm take control. Most importantly, stay the course regardless of what you (or I) think will happen.

On a personal note, Jules and I are making a big move.

After 8 years in the Army, I'm transitioning out and utilizing the SkillBridge program to complete a fellowship at PIMCO in Newport Beach. If all goes well, I'll be joining their team full-time this summer.

Here's where it affects you: as a global investment management firm, PIMCO has strict regulations around insider trading and material non-public information. Out of an abundance of caution, I'm pausing the Dollar Debrief until I get formal compliance approval—probably a few months.

Honestly, I'm going to miss this. Writing these newsletters has been one of the most rewarding parts of my week for nearly three years and is the reason I am working for an asset management firm and not a consulting firm. What started as a simple way to share personal finance tips became a genuine passion for reading, writing, and thinking about finance.

I remember every text, email, and conversation I have had about this newsletter, and I am eternally grateful for those who read and engaged with me. 

When I come back, things might look a little different. You can get market commentary anywhere. What I want to build is something more personal—less recapping what happened, more exploring what it means for real people trying to build wealth and live better lives.

This isn't goodbye. It's a "see you soon."

In the meantime: stay the course, stay out of bad debt, invest consistently, and aggressively pursue what makes you happy.

Thank you for reading any of these 142 posts. To quote one of my elementary school teachers, "you are all miracles."

Until next time, stay the course.

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