Equities: the last market standing.
Global stock markets are among the last major asset classes to prosper. Bond markets globally have been destroyed, Oil is under $60/barrel even with a weak dollar, Bitcoin has lost 30% of its value, and US residential real estate has declined in price over the last year.
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| Stocks strong amid other market declines |
November 2025 Portfolio Performance
In November, the Dow Jones Industrial Average rose 0.43%, while the Chicken Little Portfolio gained 0.31%. Through the end of November, the Dow has gained 13.52% in 2025, while the Chicken Little Portfolio has gained 0.40%.
November 2025 was a flat month for most asset classes around the world. Gold continued its meteoric rise adding over 5% in the month, while bitcoin sank 15%. Year to date, gold remains the winner, Stock markets around the world have been strong, while bitcoin has slipping into negative territory.
The Last Market Standing
Loose money and government overspending will cause real interest rates to rise and, consequently, asset prices to decline. My central view has been, and continues to be, that government monetary malfeasance will lead to financial devastation.
While stocks continue to rally other markets have declined significantly. Stock markets around the world continue to hit new all-time highs; The Dow hit an all-time high just two days ago. The other markets hitting new highs are gold and silver. Gold rallying is consistent with investing fearing financial collapse.
So, in a sense, all markets other than stocks are sending warning signals. Will stocks continue to stand alone? I am skeptical. Furthermore, I continue to believe that real interest rates can go significantly higher, putting even more pressure on stock prices.
Hence, Chicken Little remains a scared chicken.
December 2025 portfolio position
Chicken Little Portfolio remains 100% in cash. No trades in November 2025.
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