Winter 2025 Investor Letter: A Broadening Market
The total return for the S&P 500 Index in 2025 equaled 17.88%, and excluding the Mag 7 stocks, the index’s total return equaled 10.36%.
Without Government-Subsidized Industries, Employment Growth Would Be Negative
The average number of jobs added per month over the past year was only 48,000. That’s less than a third of average monthly job growth reported during the previous year.
Google Stock; Dips Slightly As Company Appeals U.S. Search Monopoly Ruling
Alphabet challenges U.S. ruling, seeking to preserve search defaults amid legal and market uncertainty.
