Reality Check

Just before the outrageous predictions for 2026, let’s look where the smart money moved to in 2025

By Tony Westfallen / 03 Dec 2025

After years of rate-induced paralysis, capital markets are finally showing signs of life. The numbers tell a story of selective recovery – strong activity in certain pockets, continued caution elsewhere, and a market that’s learned to function without the easy money of the 2010s.