The Globe and Mail reports in its Saturday edition that early in the year, who would have thought the S&P/TSX Composite Index would end up 30 per cent after the United States hit Canada with tariffs and threaten more tariffs? Guest columnist Tom Bradley writes that just as surprising is that the boom came without the usual stalwarts. Railways lagged, dividend mainstays BCE and Telus had miserable years, as did perennial favourites Constellation Software, Thomson Reuters and Couche-Tard. Banks, gold and natural gas led the charge. Companies investing aggressively in artificial intelligence were rewarded in the first half and penalized in the second. Oracle was one of those. Believers were euphoric about the possibilities when the crypto-friendly U.S. President was sworn in. Prices skyrocketed and bitcoin treasury companies, which never made any economic sense, multiplied like rabbits. Strategy Inc., the archetype for the category, was up more than 50 per cent by mid-July, but with bitcoin now in the red for the year, its stock is down 45 per cent since Jan. 1. The biggest takeaway from 2025 for investors is to be wary of bold pronouncements and confident forecasts about what is going to happen in 2026.