December 2025 Random Ramblings

Andrew Walker's December 2025 ramble explores his evolving perspectives on investing over the past decade and his outlook for the future. He posits that the stock market is becoming increasingly "weird" due to factors like zero-day trading and the rise of retail investors, suggesting traditional valuation metrics are losing relevance. Walker reflects on his changing views, including a disillusionment with pure valuation metrics, repurchases, and hidden real estate plays. He now places less emphasis on trailing metrics and has warmed slightly to technical analysis for risk management. A key evolution involves a willingness to "time out" of investments that underperform after three years, advocating for quicker risk management and reassessment when initial theses prove incorrect.