THE APPALACHIAN TRAIL: 2025 IN REVIEW, AND LOOKING AHEAD IN 2026

What does the Appalachian Trail have to do with your portfolio? Nothing much, but as we learned more about the AT (check out #10 in the Endnotes at the end of this post), we realized they do share some characteristics for their participants.

More on that in a bit. While 2025 is still in our rearview mirror, we want to first review some memorable happenings that impacted markets and the world last year.