The Sorfis Investments letter below and is also available as a PDF file
January 30, 2026
2025 Annual Letter
2025 was the year of AI, geopolitics, and tariffs—or at least the threat of tariffs. Those three topics have been the main subjects for the first month of 2026 as well.
Stock markets had another good year in 2025 despite high starting valuations, with select technology and international stocks leading the way.
There was a wider range of returns in clients' accounts in 2025 than we'd normally expect. This was largely because we trimmed some larger holdings based on valuation and added to some holdings during the volatility around "Liberation Day." Because we always keep taxes in mind when making changes to accounts, the pace of...
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