TMS Insights December 2025: The year in review and 2026 predictions
The ASX returned around 9% with dividends, but averages hide the real story of 2025. In this episode of TMS Insights, Ben and Jeremy close out the year and put their predictions for 2026 on the record.
In this episode:
- Parts of the market had a stomping year while others went backwards, with an October inflection point that turned the whole year's numbers on their head.
- Australia's 3-year bond yield nears a 15-year high while the US cuts for a third straight time, and property prices may explain more of the divergence than anyone admits.
- Broadcom and Oracle underwhelm at the tail of a strong US season, a breather for the AI trade rather than a rollover, with Mag 7 valuations still well below tech boom levels.
- Predictions for 2026: no local rate hike despite the bond market pricing one, a bounceback year for growth and healthcare, and at least one negative quarter worth keeping cash for.
- And 2025's parting lesson: just two corrections all year, both of which rewarded anyone positioned to buy them.
Companies discussed: Broadcom (AVGO) and Oracle (ORCL).
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