Episode 113: 2025 in the rearview—are markets in for another strong year?
2025 has been nothing short of extraordinary for the short-term investor. Momentum trading, trend-following strategies, AI exuberance, and crypto continue to take center stage. But as the year comes to a close, one question remains: how likely is it that this will continue into the new year? Like a Facebook relationship status—our guests say it’s complicated. In this episode of Investments Unplugged, co-chief investment strategists Kevin Headland and Macan Nia are joined by their cross-border counterparts Emily Roland and Matt Miskin to dig deep into what’s driving markets as we head into 2026. From earnings growth and valuation risks to Fed rate cut prospects, our hosts break down some of the key factors shaping markets— including whether investors can replicate 2025’s strong showing. Tune in for a candid look at what could move the needle for investors in 2026. This is one episode you can’t miss!
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Show Notes
Episode 113: 2025 in the rearview—are markets in for another strong year?
Hosts:
Kevin Headland (Co-chief Investment Strategist)
Macan Nia (Co-Chief Investment Strategist)
Special guests:
Emily Roland (Co-Chief Investment Strategist)
Matt Miskin (Co-Chief Investment Strategist)
Episode highlights
• 2025 in review:
• The team discusses the strong performance of markets in 2025, including the
TSX’s impressive 24% return despite a challenging economic backdrop in Canada.
• Key market drivers:
• The role of momentum trading, trend-following strategies, and AI exuberance.
• The ongoing influence of the crypto trade.
• Discrepancies between Canada’s economic data and TSX performance.
• Looking ahead to 2026:
• Will the trends of 2025 continue, or is a shift on the horizon?
• The importance of sentiment as we enter the new year—are markets priced for
perfection?
• Why investing in companies is not the same as investing in the broader economy.
• Risks and opportunities:
• Potential risks for the Canadian economy, especially regarding banks and
financials.
• The importance of being prudent and keeping an eye on domestic economic
indicators.
• The impact of investor confidence and employment on market flows.
• Actionable insight:
Information à usage interne - Internal
• The team provides practical considerations for investors as they position
portfolios for 2026.
• Encouragement to review the team’s full 2026 outlook, available on the Manulife
Investments website.
Additional information
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