Stewart Fitzell @defense_investor: "𝗠𝘆 𝟮𝟬𝟮𝟲 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 2025 was..."

Ireland

𝗠𝘆 𝟮𝟬𝟮𝟲 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 2025 was one of the most difficult years in my 26 years as an investor, but applying principles of positioning, adjustment, and discipline instead of prediction helped me to deliver 𝙖 𝙧𝙚𝙩𝙪𝙧𝙣 𝙤𝙛 𝟯𝟮.𝟴𝟰%, 𝙢𝙤𝙧𝙚 𝙩𝙝𝙖𝙣 𝙙𝙤𝙪𝙗𝙡𝙚 𝙩𝙝𝙚 𝙎&𝙋 500. Looking ahead, 𝙄 𝙨𝙚𝙚 𝙗𝙧𝙤𝙖𝙙𝙡𝙮 𝙥𝙤𝙨𝙞𝙩𝙞𝙫𝙚 𝙢𝙖𝙧𝙠𝙚𝙩𝙨 𝙞𝙣 𝟮𝟬𝟮𝟲. Volatility, pullbacks, and red months are likely. That doesn’t remove opportunity - it means returns are more likely to come from discipline and steady adjustment. 𝙋𝙖𝙩𝙞𝙚𝙣𝙘𝙚 𝙬𝙞𝙡𝙡 𝙗𝙚 𝙠𝙚𝙮! 𝙇𝙤𝙤𝙠𝙞𝙣𝙜 𝘽𝙖𝙘𝙠 𝙖𝙩 𝟮𝟬𝟮𝟱 This portfolio's outperformance in 2025 didn’t come from one big call. It came from combining macro conditions, geopolitics, and market psychology, then adjusting exposure as conditions changed through the year. Trimming positions into strength and adding into weakness helped grow returns while limiting drawdowns. Performance was well diversified, with strong contributions from $GOOG (Alphabet) , $RHM.DE (Rheinmetall AG) , $RR.L (Rolls-Royce) , $CRH.L , and $LLY (Eli Lilly & Co) , alongside silver exposure. Bitcoin performed well earlier in the year but finished weakly. 𝙃𝙤𝙬 𝟮𝟬𝟮𝟲 𝙈𝙖𝙮 𝙋𝙡𝙖𝙮 𝙊𝙪𝙩 & 𝙃𝙤𝙬 𝙄’𝙢 𝘼𝙥𝙥𝙧𝙤𝙖𝙘𝙝𝙞𝙣𝙜 𝙄𝙩 2026 looks more like a later stage of the current bull market than the end of it. Not all bull markets last four years, but historically those that do have 𝙩𝙚𝙣𝙙𝙚𝙙 𝙩𝙤 𝙙𝙚𝙡𝙞𝙫𝙚𝙧 𝙥𝙤𝙨𝙞𝙩𝙞𝙫𝙚 𝙧𝙚𝙩𝙪𝙧𝙣𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙛𝙤𝙪𝙧𝙩𝙝 𝙮𝙚𝙖𝙧, even if the path is uneven. Interest rates in the U.S. and Europe have been cut, which is generally supportive for markets. U.S. fiscal stimulus is also expected, while this is a U.S. midterm election year - a backdrop that can add volatility. 𝙈𝙮 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚𝙨 𝙩𝙤: ▪️Focus on 𝙝𝙞𝙜𝙝-𝙦𝙪𝙖𝙡𝙞𝙩𝙮 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙬𝙞𝙩𝙝 𝙘𝙤𝙣𝙨𝙞𝙨𝙩𝙚𝙣𝙩 𝙥𝙧𝙤𝙛𝙞𝙩𝙨 ▪️Trim into strength and add during weakness. ▪️Maintain a flexible cash buffer. ▪️Stay diversified by geography and sector. ▪️Adjust gradually rather than make big one-off calls. Geographically, I’m comfortable with my current level of diversification, but mindful that a weaker U.S. dollar has historically supported emerging markets, so selective exposure is under consideration. I remain cautious on China due to its controlled economic model, though recent regulatory easing could create 𝙡𝙞𝙢𝙞𝙩𝙚𝙙, 𝙩𝙞𝙜𝙝𝙩𝙡𝙮 𝙧𝙞𝙨𝙠-𝙖𝙙𝙟𝙪𝙨𝙩𝙚𝙙 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨. I’m also watching Japan and parts of Europe, where banks remain relatively undervalued. 𝙂𝙚𝙤𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙖𝙡 𝙎𝙞𝙩𝙪𝙖𝙩𝙞𝙤𝙣 Geopolitical risk remains elevated. 🇷🇺 🇺🇦In my view, the war in Ukraine is unfortunately likely to continue without a clear near-term resolution. 🇺🇸 🇻🇪 𝙏𝙚𝙣𝙨𝙞𝙤𝙣𝙨 𝙗𝙚𝙩𝙬𝙚𝙚𝙣 𝙩𝙝𝙚 𝙐.𝙎. 𝙖𝙣𝙙 𝙑𝙚𝙣𝙚𝙯𝙪𝙚𝙡𝙖 𝙢𝙖𝙮 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚 𝙩𝙤 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚 with potential for overspill into other countries in the region which may cause instability, e.g. oil prices. 🇨🇳 🇹🇼 As we move toward 2027, tensions between China and Taiwan are likely to rise. The consequences of an open conflict would be extreme, given that 𝙖𝙧𝙤𝙪𝙣𝙙 𝟵𝟬% 𝙤𝙛 𝙩𝙝𝙚 𝙬𝙤𝙧𝙡𝙙’𝙨 𝙢𝙤𝙨𝙩 𝙖𝙙𝙫𝙖𝙣𝙘𝙚𝙙 𝙨𝙚𝙢𝙞𝙘𝙤𝙣𝙙𝙪𝙘𝙩𝙤𝙧𝙨 𝙖𝙧𝙚 𝙢𝙖𝙣𝙪𝙛𝙖𝙘𝙩𝙪𝙧𝙚𝙙 𝙞𝙣 𝙏𝙖𝙞𝙬𝙖𝙣. 🇺🇸 🇪🇺 🇨🇳The updated U.S. national security strategy points to a more transactional approach, which could further strain transatlantic relations and add to market uncertainty. It's growing strategic posture towards the Pacific may also lead to heightened China-US tensions adding to market risk. 𝘽𝙤𝙩𝙩𝙤𝙢 𝙇𝙞𝙣𝙚 𝙄 𝙨𝙚𝙚 𝟮𝟬𝟮𝟲 𝙖𝙨 𝙥𝙤𝙨𝙞𝙩𝙞𝙫𝙚 𝙤𝙫𝙚𝙧𝙖𝙡𝙡 𝙛𝙧𝙤𝙢 𝙖𝙣 𝙞𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝙥𝙤𝙞𝙣𝙩 𝙤𝙛 𝙫𝙞𝙚𝙬, but a year that demands patience, flexibility, and careful positioning. The framework doesn’t change: quality businesses, consistent profits, sensible risk management, and the willingness to adjust as conditions evolve. I want to thank all my copiers for staying invested and wish everyone the best for 2026! ❓️Please leave a comment with your views on what you think may be ahead in 2026. Regards, Stewart ⚠️ Risk Warnings: Copy Trading does not amount to investment advice | Your capital is at risk | The value if your investments may go up or down. | Past performance is not indicative of future results.

Not investment advice. The author may have financial interests in the mentioned instruments.