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For global investors, 2025 was one of the most undercurrent-filled years of the 21st century. Unlike the bursting of the dot-com bubble in 2001 or the global financial crisis in 2008, markets in 2025 did not experience a prolonged, large-scale liquidation cycle or a “storm-like” sequence of relentless crashes.
Yet it is clear that, amid geopolitical uncertainty, uncertainty over US fiscal and monetary policy, uncertainty across multiple countries’ economic fundamentals, and the ebbing of…
