4 Charts of 2025

The 4 Most Important Charts of 2025

Here are four charts that, together, capture some of the most important market stories of 2025.

1. Liberation Day Crash and Recovery

Stocks crashed in the wake of the Liberation Day tariff announcement, then rallied more than 12% in a single day following the pause shortly after. In less than 45 days, the market recovered all of its losses from the event. This once again shows why speed matters in modern markets.

2. International Stocks Outperform U.S. Stocks for the First Time in Years

From the start of 2020 through the end of 2024, international stocks underperformed U.S. stocks by over 75%. In 2025, international stocks outperformed U.S. stocks by more than 10%, helped by a declining U.S. Dollar and shifting views on domestic independence and supply chains.

3. Gold and Silver Explode

As the U.S. Dollar continued its decline, inflation crept upwards, and as Central Banks continued to accumulate non-Dollar denominated debt, gold and silver prices rallied and made new all time highs.

4. Capex Beneficiaries Aren’t Just Semiconductor Companies

In 2023 Nvidia stock rallied nearly 240% and Caterpillar stock was up just under 26%.

In 2024 Nvidia stock rallied over 170% and Caterpillar stock was up just shy of 25%.

Year to date, Caterpillar stock has beaten Nvidia by around 25% as there are more data centers under active construction than there are active operating data centers.

I’m sure 2026 will be equally eventful, and if you have any chart suggestions in the New Year please feel free to reply to any of my emails.

Until next week,

Jacob

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