The Weekly Trend
The Weekly Trend
Episode 281: Plan > Prediction
In this week's episode, David and Ian discuss areas of the market that had a good year in 2025, like international equities, metals and mining, precious metals, and also what areas had a poor year in 2025. They also discuss semiconductors in the broader context of market sector makeup and an update on the Santa Claus rally.
Welcome back to the Weekly Trend Podcast. Today is Friday, January 2nd, 2026 s and P 500, currently sitting at 68 46. I'm David Zarling. I'm here with Ian McMillan 2025. All wrapped up now into 2026.
ian_1_01-02-2026_121418:new year, new you, Dave.
david_1_01-02-2026_111418:Yeah, new Year, new Year. The old things left behind. The new has begun.
ian_1_01-02-2026_121418:The trends start all over.
david_1_01-02-2026_111418:I mean, January 1st is a, and December 31st are kind of, for whatever reason, they're just mile markers for many investors. Makes sense. They're anchoring points. I've never had a client ask to have their statements issued based on their birth date.
ian_1_01-02-2026_121418:Yeah, no
david_1_01-02-2026_111418:course.
ian_1_01-02-2026_121418:for like May 19th through May 18th.
david_1_01-02-2026_111418:Yeah.
ian_1_01-02-2026_121418:I
david_1_01-02-2026_111418:it's,
ian_1_01-02-2026_121418:be, that's a one
david_1_01-02-2026_111418:it's, it's important
ian_1_01-02-2026_121418:that's.
david_1_01-02-2026_111418:and so we wanna pay attention to it. And we had, you know, 20, 25, both for our clients are firm, but also for the market. A decent year, I would say, you know, s and p 500, up about 16%. Not too shabby.
ian_1_01-02-2026_121418:It's good. It was a good year. Not without its wonkiness, tariff tantrum.
david_1_01-02-2026_111418:Mm-hmm. Yeah. I had a mi, I had a minus 20% draw down in March and April, so investors had to write out minus 20 to get positive 16. That's a tough, that's a tough assignment. Having to deal with that loss aversion, right? That the pain of the drawdown versus now our clients didn't experience that full drawdown. 'cause we're technicians and we use stops and we protect when it's necessary. But if you're buy and hold, you had to sit through minus 20 to get positive 16.
ian_1_01-02-2026_121418:Yeah, the the early April charts were pretty rough out there. I think on April 6th if you, if you had told people we were gonna finish up 16% for the year. That would've been a tough pill to swallow
david_1_01-02-2026_111418:Mm-hmm.
ian_1_01-02-2026_121418:the time, but that's why you play the game.
david_1_01-02-2026_111418:That's right.
ian_1_01-02-2026_121418:That is why you play the game.
david_1_01-02-2026_111418:So what did we have for 2025? What were some, you know, good performing areas, some not so good. Where do you want to take us?
ian_1_01-02-2026_121418:I mean, I guess, the the first thing that comes to mind would be the precious metals. Gold, silver, gold miners. Silver miners had pretty solid year. I would say for the first half of the year they were keeping track with, you know, for the most part, with the s and p, but it wasn't really till. Like the summer where I feel like the relative chart made sense. they were outperforming up to them, but like when you look at a long-term relative chart and we're like, okay, you know, is this move in precious metals versus stocks? Is this serious? I would say that that didn't take shape till later in the year.
david_1_01-02-2026_111418:Yeah, agreed. And really, when you think about the year, it was international kind of leading the way
ian_1_01-02-2026_121418:Yeah.
david_1_01-02-2026_111418:the year, and then it was the second half was the precious metal story.
ian_1_01-02-2026_121418:Yeah. A lot of, a lot of Europe on the top performers Spain. Looks like was the top for the year. But I mean, you had Poland right behind that. Africa had a good year. Obviously not in Europe. Austria is up 69% for the year.
david_1_01-02-2026_111418:Mm-hmm. Grease.
ian_1_01-02-2026_121418:Greece. Yeah, 73%. Latin America, you had Peru. And something else down there. I guess not metals in mining across the board. I guess Peru falls into that category. I guess maybe Africa too. I would assume that a big export in Africa would be metals and
david_1_01-02-2026_111418:Oh yeah. Oh yeah, for sure.
ian_1_01-02-2026_121418:had a lot of Asia. So you had China that had a blah year, but then you had, I mean, South Korea,
david_1_01-02-2026_111418:Yep.
ian_1_01-02-2026_121418:good Years. Singapore I think had a I, Singapore or Malaysia, one of 'em had a good year. European banks up 61%.
david_1_01-02-2026_111418:Yeah. Not bad.
ian_1_01-02-2026_121418:Aerospace, had another good year. Solar,
david_1_01-02-2026_111418:Mm-hmm.
ian_1_01-02-2026_121418:obviously semiconductors. It's been a pretty common theme for, I mean, that's probably your biggest, most consistent theme over the last few years. Semiconductors had another year of out performance.
david_1_01-02-2026_111418:Yeah. Do you think semiconductors ever become like more of like a sector, like big enough that it's its own sector do?
ian_1_01-02-2026_121418:Wow, that's a great question.
david_1_01-02-2026_111418:Right, because now we have the, the largest by market cap. Stock in the world is Nvidia,
ian_1_01-02-2026_121418:yep.
david_1_01-02-2026_111418:you know, is, are we entering an era where, I mean, obviously it is technology, but is there ever a time when semiconductors are considered more than just a sub-industry of technology?
ian_1_01-02-2026_121418:What do you think? Do you have, what do you think like the tipping point on that would be?
david_1_01-02-2026_111418:Yeah, that's a great I guess, You know, if I think about like industrials, right? Industrials have I transportation in there? They've got trains and autos and planes. And semiconductors are a physical thing. They'll probably always remain, you know, they will always be technology. But I think if you got into a scenario where, I don't know, semiconductors are top three in, in market cap, beyond those, beyond other sectors, would that be, would you say, well, maybe that's its own sector.
ian_1_01-02-2026_121418:I mean, they could do it. I mean, they could do it from like a market health standpoint.
david_1_01-02-2026_111418:Right, because I mean, even right now, semiconductors are 14% of the s and p. The financials are 13. Communication services are 10. Consumer discretionary, 10.
ian_1_01-02-2026_121418:When did we start naming? All right. So we know that prior to 1988 indices, like the s and p had to own. Certain amounts of utilities and industrials. Right.
david_1_01-02-2026_111418:Mm-hmm.
ian_1_01-02-2026_121418:were the two.
david_1_01-02-2026_111418:Yeah.
ian_1_01-02-2026_121418:So then when did we decide that we were, or did we have, did we have 10, 11 sectors? I think we had 10 sectors when I started my career. 2011 ish.
david_1_01-02-2026_111418:Yeah, and then they broke out comm services, so that, I guess that's my, you know, like comm services used to be in tech
ian_1_01-02-2026_121418:Yes.
david_1_01-02-2026_111418:and now it's its own sector.
ian_1_01-02-2026_121418:I wonder if it would have to be done after like a.com bubble type of bust, everyone's like, okay, okay. Yeah, we probably shouldn't have let semiconductors become. 31% of major index.
david_1_01-02-2026_111418:Yeah, that's a good point. I think it's possible.
ian_1_01-02-2026_121418:I wonder if you backed out, I wonder if you backed out, ate, conduct semiconductors, what then tech would be as a weight? I wonder if that would drop it pretty significantly. I assume so. You can't just remove NVIDIA and then not have an impact on. Attack waiting.
david_1_01-02-2026_111418:So right now in XLK. Semiconductors are about 38% of XLK
ian_1_01-02-2026_121418:And XLK is what?
david_1_01-02-2026_111418:technology.
ian_1_01-02-2026_121418:Yeah. Well, what, what's its weight? 30% to the s and p.
david_1_01-02-2026_111418:Oh, I, I see what you're saying. So information technology in the s and p 500 is 34%.
ian_1_01-02-2026_121418:So you take 38 of 34, so we're talking about like 11, 12%
david_1_01-02-2026_111418:Yeah.
ian_1_01-02-2026_121418:semiconductors,
david_1_01-02-2026_111418:Yeah,
ian_1_01-02-2026_121418:somewhere around there. 11, 12, 13%. I'm not gonna do the math right now, but that's a ballpark.
david_1_01-02-2026_111418:so it'd be about the same size as comm services and consumer discretionary.
ian_1_01-02-2026_121418:That would be fascinating. And then I wonder what text performance would be this year without, right. Because I mean, Microsoft, like mega cap tech was kind of blah the second half of the year.
david_1_01-02-2026_111418:Yeah, there's definitely cracks in like your MEG seven out performance. We don't get to say that this was a just large caps, doing the whole, the whole thing. I mean, because.
ian_1_01-02-2026_121418:MGC is flat since early October, so mega cap growth did, or I'm sorry, that was MGK mega cap growth, did nothing in the SEC in the fourth quarter.
david_1_01-02-2026_111418:Yeah, and I, you know, semiconductor contribution to technology performance. It was about a hundred and or 1,600 basis points. So really it drove a lot of the tech. You know, if you owned XLK, a lot of that was actually driven by semiconductors.
ian_1_01-02-2026_121418:Who do we write a letter to to state our case?
david_1_01-02-2026_111418:Mr. Standard or Mr. Pos, I think.
ian_1_01-02-2026_121418:That's right. I'll have to get in front of their committee. They're smart guys and they added Tesla after a 14000% run or whatever it was. I,
david_1_01-02-2026_111418:What else? What else notable to you for 2025?
ian_1_01-02-2026_121418:What stunk. Staples and no staples stone. That's a tough, that's a tough absolute chart.
david_1_01-02-2026_111418:So everything we just talked about, I mean,
ian_1_01-02-2026_121418:energy,
david_1_01-02-2026_111418:yeah
ian_1_01-02-2026_121418:Cannabis, even though they got, you know, they, I think they had a decent into the year maybe. I'm not sure.
david_1_01-02-2026_111418:crude oil, crude oil.
ian_1_01-02-2026_121418:oil,
david_1_01-02-2026_111418:Pretty bad.
ian_1_01-02-2026_121418:I mean, commodities in general. Not a great year.
david_1_01-02-2026_111418:Yeah. You had your precious metals and then everything else. Crypto, not a great year for crypto, and maybe this was the year of detachment, right? How often technicians or investors out there looked at Bitcoin and crypto as risk appetite? And correlated to speculation and who knows, maybe six months from now, maybe crypto was giving a clue. You know, maybe there's a, a, a, a big correction on the horizon and, and Bitcoin and crypto were giving us a clue going into that.
ian_1_01-02-2026_121418:Yeah, maybe all the risk assets will be risk on assets. I guess every asset's a risk asset.
david_1_01-02-2026_111418:But I mean, at it's, it,
ian_1_01-02-2026_121418:Did bonds fix themselves?
david_1_01-02-2026_111418:no,
ian_1_01-02-2026_121418:No.
david_1_01-02-2026_111418:I mean, convertibles were fine, but yeah. TLT or treasuries flat on the year.
ian_1_01-02-2026_121418:Yeah. TL two pretty flat.
david_1_01-02-2026_111418:But everything we just talked about is kind of a slap in the face on bull market behavior, right? If we're talking about top performers being international semis, tech industrials, comm services, worst performers are staples in real estate.
ian_1_01-02-2026_121418:Yeah.
david_1_01-02-2026_111418:I mean I, I could see the flip. I could see the thesis, right? We gotta always have our head on a swivel. I could see the thesis of, well, we need to be careful in 2026. 'cause precious metals and crypto were telling us risk off. My only caveat to that would be if the miners are outperforming the precious metal that they're mining. That's indicative of just that environment, that it's a, it's just a precious metal environment, and that's okay.
ian_1_01-02-2026_121418:Yeah. Yeah. And you had, I mean, you had precious metals do well from a three to. Well, I guess 2011, stock sold off in 7 0 8, but they participated together for a.
david_1_01-02-2026_111418:And I think what's interesting is, you know, I, there was talk at the beginning of the year, 2025, especially as you know, we had that correction unfold in March and April. How many economists, economists take the L again for 2025 predicting a recession and a lot of. A lot of major investment banks and economists and researchers kind of off base on their 2025 s and p 500 price targets. You know, a lot of 'em between fifty five hundred and sixty five hundred.
ian_1_01-02-2026_121418:Yeah. Where'd we end at? 68.
david_1_01-02-2026_111418:Mm-hmm. But kudos, kudos to like. BMO Capital or Bank of America or Evercore, they were all predicting like 6,600 to 6,800.
ian_1_01-02-2026_121418:Okay.
david_1_01-02-2026_111418:Gotta give credit where credit is due. Again, predictions.
ian_1_01-02-2026_121418:car at 6,800.
david_1_01-02-2026_111418:Predictions are dumb. I mean, if you think about it, they just, all they are is to make you feel good. That's why, you know, you go to a doctor, you want to have them tell you something so that you feel good when you leave there. Nothing makes you feel worse than, well, I don't know.
ian_1_01-02-2026_121418:Well then in some of these they get to change.
david_1_01-02-2026_111418:Oh, they always change. Yeah. They are always changing. Right.
ian_1_01-02-2026_121418:You don't get to do that. That's not how this works. What's your, well, okay. What's your prediction for 2026?
david_1_01-02-2026_111418:No idea.
ian_1_01-02-2026_121418:No idea.
david_1_01-02-2026_111418:No idea.
ian_1_01-02-2026_121418:How am I supposed to hand over my assets to a guy that has no idea?
david_1_01-02-2026_111418:Let's just say if we're below 6,600 on the s and p 500, probably have, you know, a, a normal correction upon us, like a minus 10%. You know, still have an upward sloping 200 day moving average on most things. We're about 8% away from a 200 day moving average. So you could get down into that level. But as far as where we end the year, I mean, I, I think I'll lean heavily on what does January look like? You know, when we look at different seasonal patterns. January is kind of a important one.
ian_1_01-02-2026_121418:I agree.
david_1_01-02-2026_111418:So we're in the Santa Claus rally period. Ian,
ian_1_01-02-2026_121418:Is today the last day. No.
david_1_01-02-2026_111418:no,
ian_1_01-02-2026_121418:No.
david_1_01-02-2026_111418:Monday. So it's the last five trading days.
ian_1_01-02-2026_121418:Oh, two before Christmas and five after.
david_1_01-02-2026_111418:Yeah, it's, it's the, yeah, it's the last five trading days of the year and the first two trading days. Of the new year
ian_1_01-02-2026_121418:Okay.
david_1_01-02-2026_111418:and we're about, you know, this will be the sixth trading day, seventh trading day on Monday, currently sitting negative.
ian_1_01-02-2026_121418:Yeah, it is been wonky.
david_1_01-02-2026_111418:It has, and what's interesting is we
ian_1_01-02-2026_121418:the window dressing.
david_1_01-02-2026_111418:2023 Santa Claus rally period. Was negative 2024. Santa Claus rally period was negative. There's never been three negative Santa Claus rally periods in a row.
ian_1_01-02-2026_121418:Wow, I wouldn't have guessed that.
david_1_01-02-2026_111418:I wouldn't have either, but it's kind of a mixed bag. It's kind of one of those, it, it's not the strongest seasonal signal out there. It's, it's nice when it's positive. You know, the market tends to be positive in the, in the upcoming year. It's when it misses that it's a little bit more like a coin flip. You know, we've had negative Santa Claus rally periods in the past and positive years, but we've also had negative Santa Claus rally periods like oh 7, 0 8, and the market was down 38% the prior year. At the same time, the last two years, negative Santa Claus rally period and positive returns. We had a 23%. S and P 500 return in 2024 and 16% for 2025. So it's not like a has to be a problem, but I will say in 2024, we had that negative. We had that minus 20% draw down.
ian_1_01-02-2026_121418:How about that? So no predictions on where we'll end up. Any predictions for Outperformers?
david_1_01-02-2026_111418:Well, I'm a fan of trends.
ian_1_01-02-2026_121418:Well started today?
david_1_01-02-2026_111418:Yeah. Well, and it,
ian_1_01-02-2026_121418:You
david_1_01-02-2026_111418:I would,
ian_1_01-02-2026_121418:you can't carry last year's data into this year.
david_1_01-02-2026_111418:well, you could, you could be Beijing, you could take last year's data and say, well, if we think trends continue, then the same areas that have led before will lead again. So interna, you know, is it international stocks, semis, gold and silver. It could be, I mean, international is kind of setting up here. If you, if you look at it, I mean,
ian_1_01-02-2026_121418:I know.
david_1_01-02-2026_111418:VEU, the ETF for world stocks minus Us. When you compare that on a relative basis to s and p, we're on the verge of breaking a downward rate of trend that goes back 25 years. And then you look at EEM or emerging markets versus s and p. You can make an argument that there's a base being built here and do we see another strong first part of 2026 for er, for emerging markets and international stocks?
ian_1_01-02-2026_121418:Well, they're trying, they're trying to start off the year on a note of out performance.
david_1_01-02-2026_111418:I tell you what's interesting though, I think is just the weakness since late last year of. Your Megs, you know, your Megs seven, your, your FANG stocks, especially on a relative basis. It's gonna be interesting to see what kind of, you know, is this the year where you actually see a higher percentage of stocks outperform the s and p 500? Because mags is a headwind for these large mega cap stocks struggle. And so it. Suppresses the performance of the s and p 500. Meanwhile, other areas do well. Could
ian_1_01-02-2026_121418:Yeah, I mean, we've seen it before.
david_1_01-02-2026_111418:we have,
ian_1_01-02-2026_121418:Gotta do it though. I hope they do,
david_1_01-02-2026_111418:yeah, it's great when it's great when markets go up. What about you? Do you have any predictions? Do you have any thoughts on, or things that pique your interest? For 2026.
ian_1_01-02-2026_121418:to see where the precious metals go. I mean, given their aggressive trends that they've created. What those do, if those keep going, if they chill out. Dollar still, dixie's still kinda weak. Yeah, I think curious for precious metals and Bitcoin. I'm interested to see. If the Bitcoin thing was just like the, an end of the year, you know, whatever, there's something, you know, on a another level, right? They're trying to create these Bitcoin reserves, and if that's true, at what point would a government be willing to buy Bitcoin? Yeah, those would probably be my two.
david_1_01-02-2026_111418:Okay, so I did some quick math here. If semiconductors were excluded from XLK, the return of Tech XLK would've been about 10% on the year.
ian_1_01-02-2026_121418:So it underperformed.
david_1_01-02-2026_111418:Yep.
ian_1_01-02-2026_121418:Okay.
david_1_01-02-2026_111418:Kind of interesting.
ian_1_01-02-2026_121418:Just another average sector.
david_1_01-02-2026_111418:Yeah, semiconductors definitely carried the bucket for sure.
ian_1_01-02-2026_121418:I
david_1_01-02-2026_111418:What,
ian_1_01-02-2026_121418:what if people start make like, what if the chip supply becomes so dumb and so unattainable for some companies, right? Because there's some talk around going there. I don't know. I don't, we don't pick, we don't, we don't buy semiconductor chips at adaptive. So I don't, I actually, I don't know what the real world market, but they say it's hard. They say a lot of these mega cap companies have kind of cornered purchases. To not be so long-winded. if chip production becomes more in-house? What if Caterpillar just says, you know what, we're gonna put $3 billion into making our own chips, and then we don't have to worry about supply chain issues.
david_1_01-02-2026_111418:Oh, that would be,
ian_1_01-02-2026_121418:I,
david_1_01-02-2026_111418:that would be something because I
ian_1_01-02-2026_121418:you would see semiconductors become this like almost a staple.
david_1_01-02-2026_111418:Oh yeah, like a utility. Something that's always used. Yeah, no, I'm, it's an interesting, right, 'cause. Google decided to work on do its own chip. Now I know they have providers, but they didn't go the, the, they're not using NVIDIA's chips. And I, I do think we're witnessing a, the equivalent of a nuclear arms race for AI tech.
ian_1_01-02-2026_121418:Yeah.
david_1_01-02-2026_111418:You know, the data centers, the. Semiconductors. Even the racking and the power and all those things. I, I, you know, you see that in, in, in stock prices for sure. And are we in a bubble? I have no idea.
ian_1_01-02-2026_121418:Well, I think that's part of the reason they want, I mean, we don't need to do a political podcast, but part of me, I feel like that's one of the reasons I want Greenland
david_1_01-02-2026_111418:Hmm.
ian_1_01-02-2026_121418:to put data centers up. There
david_1_01-02-2026_111418:Could be.
ian_1_01-02-2026_121418:could be.
david_1_01-02-2026_111418:Keep 'em. Cool. I mean the, it is, it is fascinating to think about just from a, you know, dreaming thing. The, the whole data centers in space,
ian_1_01-02-2026_121418:Yeah.
david_1_01-02-2026_111418:you know, where you're, you solar, you, you, the solar panels can power the data center and that's facing the sun and you get 30% more energy that way. It's reoccurring and it's really easy to cool a data center. Backside is facing away from the sun. That's super cold.
ian_1_01-02-2026_121418:so cold up there.
david_1_01-02-2026_111418:And then space is a vacuum. So rather than having to rub fiber optic, you just run lasers. And maybe that's why that, maybe that's where aerospace is pricing in all these aerospace stocks doing so well. Maybe, maybe we are putting data centers in space. I don't know. All, all I know is I'll follow price. And if that's, if that's the narrative that comes out or. Has the narrative already come out and we've jumped the shark and the fact that we've spent half of this pod an, you know, a podcast that's an annual one talking about semiconductors is at the top. I'm open to that,
ian_1_01-02-2026_121418:Yeah. We probably talked about semiconductors last January 3rd, second.
david_1_01-02-2026_111418:right.
ian_1_01-02-2026_121418:They do seem important. The charts look good. I think you mentioned, I mean, well, SMH had made an all time high this morning. You said TSM did, right?
david_1_01-02-2026_111418:Yeah. TSM new all time highs,
ian_1_01-02-2026_121418:Look at that candle.
david_1_01-02-2026_111418:micron, new all time highs.
ian_1_01-02-2026_121418:I in, I mean, Intel's up. It's not at all time highs, but we'll see
david_1_01-02-2026_111418:Yeah. It's just, it's, it's interesting but I, it all, the risk on metrics are still there. You know, one of your favorite charts. High beta versus low vol, still holding up
ian_1_01-02-2026_121418:Hanging in there.
david_1_01-02-2026_111418:doing pretty good. You know, equal weight, discretionary versus equal weight staples, and those are the two, you know, if you're gonna look at two charts, I guess all year long, it'd be those two relationship charts. I think equal equate discretionary versus equate staples up against potential resistance on a relative basis. Kinda wanna see that clear and move higher. You know, momentum kind of cooled off towards the end of the year here, but it's holding in not too bad. We'll see. But I should highlight, I should highlight the supporter of this podcast, the Adaptive Select ETF, which is listed on the New York Stock Exchange under ticker A DPV, which helps investors access two of the most prevalent factors in markets. Momentum and relative strength using proprietary identification methods. The Adaptive Select ETF attempts to own the strongest 25 large cap stocks when the market is in an uptrend. And since not all market environments are the same, adaptive select seeks to prevent extended declines by moving to short-term treasury bills and cash during long-term market Downtrends investors can find out more including how to invest in ad PV by visiting ad pv etf.com. Or calling 1-833-880-FIVE 200. Investing involves risk, including possible loss of principle abbs distributed by Quasar Distributors, LLC. So what I'm hearing, Ian, is it's better to have a plan than to have a prediction.
ian_1_01-02-2026_121418:I would rather have a plan.
david_1_01-02-2026_111418:That's why we use technical analysis, right? It's why we study supply and demand and price levels important price levels. We, we talked about the s and p 500 6600 level. I think we could throw, you know, NASDAQ 105 85 levels important. You know, we talked about se semiconductors ad nauseum. 3 25 on SMH would be important. IWM is interesting, you know, when are we gonna get small cap out for out performance? Could it be this year? Maybe B
ian_1_01-02-2026_121418:Every year we ask, and every year we're
david_1_01-02-2026_111418:doesn't let down. Anything else Ian, you wanna highlight for our first episode of the year before we sign off?
ian_1_01-02-2026_121418:No. Yeah, new Year. I hope, I hope nothing in your portfolio changed too drastically from earlier in the week to today because of that. Just grateful for 2025 tons of learning opportunities.
david_1_01-02-2026_111418:Yeah.
ian_1_01-02-2026_121418:Lord knows I made my fair share of mistakes in 2025. Was fortunate enough to, I guess, make more good decisions than bad. Based on the end of the year results. So that's solid.
david_1_01-02-2026_111418:Yeah. And if I, I think that's Credit to You don't,
ian_1_01-02-2026_121418:year.
david_1_01-02-2026_111418:yeah. You don't have to be a hundred percent right. To make money, you just have to be big enough, right, in the things that you are right about.
ian_1_01-02-2026_121418:Yeah. And
david_1_01-02-2026_111418:And
ian_1_01-02-2026_121418:go
david_1_01-02-2026_111418:price just has. Price just has to confirm, and it did for a lot of the things. So yeah, it was good. Sorry, go ahead. Keep continue.
ian_1_01-02-2026_121418:No. Yeah, I mean, sa same. There's, there's no difference to us. Obviously the themes of the year will maybe unravel throughout Q1. We'll see some of those stick, some of those don't. I'm just, I'm just grateful to have another year of getting to play the game.
david_1_01-02-2026_111418:Yep.
ian_1_01-02-2026_121418:Very, very fortunate to be able to do this and make a living this way and do it with people that carry that same mindset.
david_1_01-02-2026_111418:Agreed. We have a great team here at Climb First and so excited for the things that are happening for 2026. Obviously close, intimate, respect and appreciation for you and Kevin and the work you do. And then of course, our clients who make us who we are. It's been a great 2025, really excited about 2026, some exciting things on the horizon, which we'll announce later, but nobody else I'd rather be doing it with than, than you two. So I appreciate you and we appreciate everybody listening. You guys have made this a great podcast. We'll continue to do it. We hope we sh you share this with your friends and give us a high ranking on your platform of choice, blessings on your new year.
ian_1_01-02-2026_121418:Same to you and to our listeners. Have a great weekend everyone.