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It’s been another strong year for stockmarkets, but our year-end
look back at investing in 2025
rounds up five sometimes unnerving trends. In American economic policy, leading and lagging markets, bitcoin, bond yields and private markets, things are not as calm as those fat returns might make them seem.
In one place definitely not booming, Nicolás Maduro’s corrupt and malign rule has seen a fall of 75% in Venezuela’s GDP. He seems to be trying to distract Venezuelans by celebrating Christmas since roughly October. But the Trump administration continues
dialling up the pressure,
perhaps in the hope that someone will finally topple the hapless Venezuelan leader. | 
