"A good decision is based on knowledge and not on numbers.” – Plato

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What 2025 Taught Us About Investing (And why "Normal" Matters)
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In this weeks podcast I address the market returns for 2025. Those numbers tell us what happened. Knowledge tells us how to think about what happened. One year of returns doesn’t give us the information we need to make a change; but it helps build a better perspective. And perspective is what protects investors from making emotional mistakes.

For many of us “good” numbers can give us an excuse to pat ourselves on the back for selecting the combination of asset classes than lead to a favorable outcome. But more importantly the short term result should be a confirmation of the timeless principles we have applied. That’s knowledge!

Knowledge will likely lead us to staying massively diversified, accepting volatility as normal, focusing on discipled saving, smart investing and unwavering patience.

Numbers explain the past. Knowledge prepares us for the future. And the investor who confuses the two is almost guaranteed to learn the hard way.

I hope you will find the numbers from 2025 of interest. I hope you will add them to the almost 100 years of investing history we use as the knowledge base to make recommendations.

Good decisions are made — not by ignoring numbers, but by understanding what they can and cannot teach us.

Latest Podcast- What 2025 Taught Us About Investing (And Why “Normal” Matters)

For first-time listeners, welcome! In this opening episode of the year, Paul Merriman—founder of the Merriman Financial Education Foundation—looks back at 2025 to uncover what the markets taught us and how those lessons can help do-it-yourself investors make better decisions going forward.

Despite endless predictions about what markets should do, Paul reminds us that his role isn’t to forecast the future—but to help investors understand risk, return, and how to build portfolios they can truly stick with.

In this episode, Paul explores:

A surprising result from the “Magnificent Seven” stocks
Why diversification mattered more than ever in 2025
How different equity asset classes really performed
What 56 years of data (1970–2026) tells us about staying the course
Why portfolio structure matters far more than chasing winners
Two very different—but valid—approaches to fixed income investing

If you want perspective instead of predictions—and data instead of hype—this episode is a powerful way to start the year.

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In This EditionWhat 2025 Taught Us About Investing (And why "Normal" Matters)Latest PodcastTestimonial

In This Edition
What 2025 Taught Us About Investing (And why "Normal" Matters)
Latest Podcast
Testimonial