What Last Year Taught Us About Staying Invested

A new year always brings fresh predictions, louder headlines, and plenty of pressure. In the first Off the Wall episode of the year, Nate W. Tonsager, CIPM and David B. Armstrong, CFA take a step back and anchor the conversation in the reality of what happened in 2025, and why that context is essential as we head into 2026. They reflect on the surprises that shaped last year and connected those lessons to the environment ahead.

Key topics:

• Global markets and why international equities outpaced U.S. stocks in 2025

• Volatility, drawdowns, and what last year revealed about investor behavior

• Why diversification showed up when it mattered most

• The absence of a recession and what surprised markets along the way

• Interest rates, inflation, and what the data suggests for 2026

• Historical patterns that shape expectations for the year ahead

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Episode Timeline/Key Highlights:

0:00 — We're back: college football picks and the market backdrop

2:46 — 2025 market winners: why global stocks outperformed

6:10 — The S&P 500 question, behavior gaps, and staying invested

12:23 — 2025 surprises: no recession, tariffs, and asset class shifts

21:18 — What worked: metals, market tails, and quiet standouts

24:48 — What we're watching for 2026: diversification, election-year volatility, and cash planning

Resources Mentioned: 11:41 - What is Direct Indexing? Customization, Taxes, and More - Monument Wealth Management - https://monumentwealthmanagement.com/resource/direct-indexing-benefits-taxes/

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