2025 kept investors off balance, and Sonu Varghese, VP, Global Macro Strategist, and Ryan Detrick, Chief Market Strategist at Carson Group turned to Art Hogan, Chief Market Strategist at B. Riley Wealth Management, to make sense of what actually drove the year. They dig into the gap between perception and reality on market breadth, why speculative pockets unraveled even as leadership widened, and how steady rate cuts, shifting Fed signals, and a softer labor backdrop shaped sentiment. Art also brings decades of perspective on small caps, mid caps, financials, healthcare, and the global forces that may matter most as investors position for 2026.

Art Hogan, nor B. Riley Wealth Management, are affiliated with CWM, LLC.

Key Takeaways:

• Market leadership broadened: More sectors and stocks contributed to gains than investors realized

• Speculative areas reset: High-risk themes sold off sharply despite broader market strength

• Fed signals stayed mixed: Cuts continued while disagreements inside the committee grew

• Labor data softened: Slower hiring and revisions added pressure beneath the surface

• Cyclicals built momentum: Financials, healthcare, industrials, and global markets carried meaningful strength

Jump to:

0:00 — Setting the Stage for 2025

5:20 — Breadth, Sentiment, and Concentration Fears

9:30 — Speculative Shakeout and AI Valuations

13:45 — Pullbacks, Psychology, and Market Stats

17:15 — The Everything Rally in Context

20:40 — Small Caps, Transports, and Quality Leadership

34:30 — Fed Cuts, Labor Signals, and the 2026 Outlook

Connect with Art

• LinkedIn: https://www.linkedin.com/in/arthogan/

• X: https://x.com/ArthurHoganIII

Connect with Ryan:

• LinkedIn: https://www.linkedin.com/in/ryandetrick/

• X: https://x.com/RyanDetrick

Connect with Sonu:

• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/

• X: https://x.com/sonusvarghese?lang=en

Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com