gm gm frens

last day of 2025 is here and there is something cooking which can be more important

hard to ignore how much geopolitical risk is piling up rn

russia–Ukraine moving into a more dangerous phase

china keeps testing Taiwan’s limits in ways that don’t look symbolic anymore

middle East is getting messier with old alliances cracking and now the US openly acknowledging strikes in Venezuela

none of this means markets crash tomorrow

but when multiple pressure points light up at the same time, risk appetite usually fades before headlines really hit

historically, this is when money drifts toward things that don’t depend on growth narratives or leverage and away from assets that do

right now, the backdrop feels heavy