Group 1 - The performance of asset classes in 2025 provides insights for potential trends in 2026, indicating that previous trends did not reverse at the start of the new year [2] - U.S. equities, represented by the S&P 500 index, increased by 16.4% in 2025, following gains of over 23% in both 2023 and 2024, which is notable compared to the long-term average annual gain of less than 11% [3] - International stocks from developed countries significantly outperformed U.S. stocks, with the Vanguard FTSE Developed Markets ETF rising by 35.2% in 2025, indicating strong performance in European, Japanese, and Canadian markets [4] Group 2 - Emerging-market stocks also performed well, with the Vanguard FTSE Emerging Markets ETF increasing by 25.6% in 2025, primarily driven by large middle-income countries such as China, Taiwan, Brazil, and India [5] - Commodities, particularly metals, had a strong year in 2025, with gold, silver, and copper showing significant price increases [6] - Gold prices surged by almost 64% in 2025, driven by inflation concerns and increased purchases by global central banks [7] - Copper prices rose approximately 40% in 2025, largely due to demand from data centers, electric vehicles, and renewable energy technologies [7] - Silver outperformed both gold and copper, with prices more than doubling, increasing by 140% due to its dual role as a precious-metal hedge and a conductor [8] Group 3 - Overall, stocks performed well in 2025, especially in international markets, while metals like gold and silver benefited from safe-haven demand [9] - Other assets, such as Bitcoin and crude oil, did not perform well in 2025, contrasting with the strong performance of certain equities and metals [9]