Last weekend we went with 2025 Will Be Messy. We discussed that subject and the implications on Bloomberg Radio/YouTube (30-minute mark) to kick off the year on Thursday. Unfortunately, Academy also had to publish a SITREP – Terrorist Attack in New Orleans. We did get some volatility as stocks sold off into the New Year. While assets tried to bounce on the first day of trading, that momentum faded. However, at least stocks (and Bitcoin) performed well on Friday (which, technically, is the last official day of the Santa rally, which the Grinch did seem to hack). What was noticeable ... Messy, But Manageable