Good morning. This is the last letter of the year, in which we look back, with a sticky mixture of shame and pride, on our predictions for 2025. What we are more interested in, however, is your predictions for markets in the year to come. Send them in! And to everyone who read Unhedged this year, thank you. Whatever happens next year, we’ll be right there with you. Email us an eggnog recipe: unhedged@ft.com.

Some comments on (not) seeing the future

One of the meanest tricks our minds play on us is making us believe we saw it all coming. When events play out one way, and not the other way, we remember all the times we anticipated the realised outcome. All the moments of doubt and clues that pointed to what didn’t happen get deleted. This is the value of making predictions and writing them down: it forces us to admit that life surprises us, again and again.