When we summarize 2025, a clear pattern emerges: the market was often influenced more by the news flow than by reported earnings and macro forecasts. Events such as tariff threats, political statements and central bank communications created repeated oscillations between risk appetite and caution. The year was characterized by difficult trade-offs between reducing risk and thereby risking being left out of rapid upturns or maintaining exposure and accepting high volatility. For institutional investors, portfolio construction, liquidity and the ability to adjust risk quickly became more important than detailed point forecasts.