Middle Coast Investing, an investment advisor firm, released its fourth-quarter 2025 investor letter. 2025 was a good year for the firm as well as for the broader market. A copy of the letter can be downloaded here. Stock markets tend to rise but often revert to their historical average. For the past three years, the S&P 500 has reported a 21.2% annualized return, which is above the mean. So, the signs of slowing growth have already been evident. The firm always focuses on investing in good companies at fa ...