Hayden Capital, an investment management firm, released its fourth-quarter 2025 investment letter. 2025 proved how unpredictable markets can be in the short term. Markets displayed broad strength, highlighting their resilience. U.S. equities saw double-digit gains, while international markets performed even better. Remarkably, international stocks outpaced their U.S. counterparts for the first time since 2017. The firm had a productive 2025, especially as investor capital focused on anything related to AI, while other sectors were labeled as “AI losers.” In Q4 2025, the portfolio...
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