December 2025 Market Quick Hit

• US equities finished the year with modest gains as investors balanced resilient corporate
  earnings and AI enthusiasm with profit-taking and elevated valuations.

• Global equity markets outperformed the US for the month, resulting in an exceptionally strong year for non-US markets as the MSCI All Country World ex US Index posted a 32.6% gain in 2025.

• Bond markets declined as yields rose during the month despite another interest rate cut from the Fed, as investors processed stronger-than-expected US economic data and cautious messaging from the Fed.

• Economic data remains mixed, with a still resilient US economy with positive employment
  trends and consumer spending offset by weak manufacturing activity and inflation readings remaining sticky.

• Gold continued to push higher as central banks continued to be net buyers, while
  cryptocurrencies declined as investors’ risk appetite subsided towards the end of the month.

Positioning & Outlook

• Heading into 2026, economic growth is expected to moderate but remain positive as the US transitions from above average growth to a more normalized pace.

• Valuations remain elevated, particularly in cyclical and highly leveraged businesses, which may lead to more volatility in those segments, while higher-quality companies with durable earnings may benefit.

• Monetary policy will be a key driver of markets as investors adjust expectations of the amount of rate cuts, their timing, and pace.

• Geopolitical and fiscal risks remain elevated with global conflicts still unresolved and rising government debt levels breeding uncertainty.

• Market leadership may continue to broaden beyond the Magnificent 7, creating opportunities across value, small/mid-caps, and international markets.
  
  
• We continue to promote broad diversification across equity markets, shorter-duration bond exposure, and inclusion of private markets.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.