Each year, the people at Mawer Investment Management Ltd. offer their year-end perspective in the form of a poem for Financial Post readers. Here, Mawer reflects on a year marked by tariffs, trade battles and another T — Taylor Swift

‘Twas the week before Christmas, and time once again,
To look back at the year, market highlights we pen.
From headlines and hashtags, and trends old and new,
Let’s revisit the stories that 2025 drew.

Everyone was a-buzzing … it starts with a “T,”
Not tariffs, but Taylor! She rose GDP!
But cloudy tensions were forming, trade winds swirling anew,
Tariff threats on the table, uncertainty grew.

Throughout all this fickleness, central banks talked,
Slowing growth and inflation, a tightrope they walked.
“Liberation Day” soon dawned, a pause, then some fear,
‘Cause tariffs kept looming. Still “wait and see” here.

Suddenly, “Tariff Man’s back!” Trade battles in sight!
All Canadians put up, elbows up to fight.
Our steel, lumber and more caught up in the fray:
We just want our hockey baseball and fair trade, eh?

Though as headlines kept blaring of trade in distress,
The feared surge in prices did not impress.
Businesses stocked up their shelves, new ways to supply.
The reaction from markets? They barely asked why.

“Why care about anything?” Mr. Market did say,
“We’ve a handful of tech stocks to carry the day!”
Since ChatGPT’s debut, AI’s star has burned bright,
A lion’s share of returns from tech’s rapid flight.

Earnings and spending, all clustered in view,
With capital pouring to a chosen few.
Data centres rising, their hunger immense,
Billions on semis and servers dispense.

So the AI race rages, like Stranger Things’ Eleven,
But is there real ROI? Maybe. 6-7*
Optimism’s contagious, but caution’s our friend;
Leverage and bubbles can twist in the end.

AI agents multiplied, proliferation’s pace,
Now there’s a “co-pilot” in every workplace.
From spreadsheets to meetings, machine minds appeared,
AI in the workflow — both welcomed and feared.

For not all AI outputs made rational sense,
Hallucinations rampant, truth got … intense.
One bot sent a message, with confidence stated:
“You’ve been named Supreme Ruler!” (Well, that escalated.)

Gold producers sparkled on a bullion-fuelled ride,
Geopolitics swirling, sent prices sky high.
Central banks kept buying, their vaults shining bright,
While whispers of rate cuts added fuel to the flight.

Gold has a history, millennia old,
While bitcoin’s still finding its place in the fold.
Volatility’s legend, with drawdowns that sting,
Returns like a lottery, or a speculative fling.

For every wild headline, a lesson appears:
Patience and prudence endure through the years.
So if you must dabble, keep discipline near,
A “boring” approach is wisest this year.

Debt levels are rising, deficits in tow,
Even Treasuries questioned; where’s safely to go?
Yield curves are steeper, but risk is not repaid,
Shorter duration preferred in uncertainty’s shade.

Credit spreads compressed, dispersion is slight,
Lower-quality issuers don’t pay for their plight.
Defensive positioning, capital to shield,
Waiting for jitters, opportunities revealed.

From meme-fuelled tickers to bets on the game,
And K-pop Demon Hunters, chasing fortune and fame,
We watched, we reflected, kept process in view,
Through fads and buzzwords, stayed disciplined and true.

  • ‘Twas the day before Christmas: Mawer’s 2024 year-end poem
  • ‘Twas the week before Christmas: Mawer’s 2022 in review

From all of us at Mawer, we wish you good cheer,
A calm, “boring” holiday, and a prosperous new year.

* We don’t really know what it means either.