23 out of the 30 stocks in the Dow finished up in 2025 with Caterpillar leading the way with a gain of +60%.

Emerging markets had a great year in 2025, clocking an impressive 32.3% gain.

Real estate inventories remain elevated in China. Falling just -3.5% year-over-year, per CREIS.

"We expect earnings growth for the seven largest stocks will account for 6 pp of the total 12% S&P 500 earnings growth in 2026.

Japanese stocks are a bit expensive vs their average P/E