December 29, 2025 | Season 7 | Episode 48
We review why 2025 defied cautious forecasts, from AI capex and policy-driven depreciation to lower oil and a powerful wealth effect, and we frame 2026 through Munger’s lens of patience and clarity. We flag key risks, make the case for a return to quality, and explore copper’s setup alongside a closer look at Salesforce.
• Munger’s principles on patience, reading, and realism
• Why 2025 beat expectations despite tariffs and inflation fears
• AI buildout surge fueled by accelerated depreciation
• Oil’s drop easing costs and supporting margins
• Wealth effect and democratized access driving flows
• Bonds’ weak real returns pushing investors into equities
• Risks from rates above 4.25% and geopolitics
• Barron’s angle on quality stocks and FCF ETFs
• Salesforce as an AI-enabled operator, not a victim
• Commodities review with copper’s 2026 bull case
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