2025 looked like the kind of year that should have broken markets — geopolitical shocks, political dysfunction, and nonstop macro stress. Instead, risk assets powered ahead. That disconnect is exactly why investors should be paying attention.
In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong's Lead Portfolio Manager, David Kletz, to explain why markets ignored the noise, why Canada quietly led global equity returns, and how fiscal spending has become the real backstop for risk. They dig into the uncomfortable reality of a K-shaped economy, where a handful of winners dominate while much of the economy struggles beneath the surface — a setup that is distorting valuations, concentrating risk, and leaving many portfolios exposed to a far narrower opportunity set than investors realize.
More importantly, the conversation looks forward. With 2026 underway, the risks are shifting — not disappearing. U.S. markets face tougher valuations, narrowing leadership, and growing dependency on policy support, while international markets are setting up for leadership investors may not be positioned for. Lastly, with gold catching all the headlines, commodities like copper are emerging as critical pressure points in a world rebuilding infrastructure and electrifying everything.
This episode is a warning shot for complacent portfolios and a roadmap for investors willing to adapt before stability becomes scarce.
Chapters
00:00 Introduction and Year-End Reflections
04:11 2025 Market Overview and Performance
11:05 Investment Strategies and Market Positioning
16:52 Regional Insights: Canada, US, and International Markets
21:55 Canada's Economic Outlook and Challenges
26:07 US Economic Dynamics and Central Bank Policies
30:46 K-Shaped Economy Outcomes: Divergence and Convergence
35:03 Commodities: Focus on Copper and Precious Metals
41:52 Currency Projections and Global Economic Trends
43:51 Closing Thoughts and Recommendations
Disclosures: https://forstrong.com/disclosures/
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Thank for you listening, please considering leaving a review and subscribing for future episodes.
For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com
