Finance content is seasonal.
Tax stuff in the spring.
Earnings coverage is once a quarter.
Someone is contractually obligated to write a Sell in May blog post that month every year.
Right now it’s a combination of look-backs and look-forwards.
It’s outlook season for the upcoming year — biggest risks, opportunities, price targets, etc. for 2026. Now is the best time to make predictions about the next year because no one will hold you accountable for your forecasting ability. There are so many predictions being made that everything blends together.
But the year-end is also a time to reflect on what just happened. Writing a piece about 2025 investing lessons is a slam dunk right now.
I know because I’ve done that in years past.
Investing lessons are far more useful than investing predictions even though predictions garner more attention.
But here’s a little secret I’ve learned over time about investment lessons — they don’t really change.
You could write these lessons ahead of time and simply pick and choose the ones that apply depending on the environment.
Market volatility is an opportunity, not a reason to abandon your investment plan.
Don’t allow fear or greed to dictate your investment stance.
Don’t confuse your investment time horizon with someone else’s.
Don’t give in to FOMO.
Don’t allow recency bias, survivorship bias, hindsight bias, or short-term performance to guide your actions.
Never panic.
Never get too high in a bull market or too low in a bear market. You’re not smarter when the market goes up or dumber when it goes down.
Markets are constantly evolving. Human nature is not. The narratives are driven by price and price movements are fickle.
It’s always the same lessons!
We just have to learn them over and over again. That’s why I mostly write about the same stuff over and over again on this blog.
As Jason Zweig once wrote, “That’s because good advice rarely changes, while markets change constantly. The temptation to pander is almost irresistible. And while people need good advice, what they want is advice that sounds good.”
I have no idea what will happen in 2026. No one else does either.
Whatever it is, the lessons will be timeless.
They always are.
Michael and I talked about 2025 investment lessons, 2026 market outlooks and much more on this week’s Animal Spirits video:
Subscribe to The Compound so you never miss an episode.
Further Reading:
20 Lessons From 20 Years of Managing Money
Now here’s what I’ve been reading lately:
Books:
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers
Please see disclosures here.
