The calendar year came to an end a couple days ago, but I really should have called it quits around Halloween. As the champagne corks were popping I was feasting on a big piece of humble pie served up cold to me by the market.

Thinking back to October 27th , the Russell 2000 IWM ETF was down 7% on the calendar year. The Gaza conflict was escalating, inflation remained out of control, earnings forecasts were being cut, and the Federal Reserve was messaging "higher for longer" with respect to interest rates.

Fast forward to Dec 31st and that same IWM ETF finished the year up 19% after the Federal Reserve hinted at reversing course and easing on interest rates. It was a kick-save and a beauty for stocks going into year-end as the markets rallied 9 weeks in a row - the longest such stretch in over 20 years.

Charlie Munger, who would have turned 100 on New Year's Day, once said "You want to deliver to the world what you would buy if you were on the other end". It's my mission to keep delivering on this promise to you each and every day. Thank you for the continued trust & Happy New Year!