December 29, 2025 | Season 7 | Episode 48We review why 2025 defied cautious forecasts, from AI capex and policy-driven depreciation to lower oil and a powerful wealth effect, and we frame 2026 through Munger’s lens of patience and clarity. We flag key risks, make the case for a return to quality, and explore copper’s setup alongside a closer look at Salesforce.• Munger’s principles on patience, reading, and realism• Why 2025 beat expectations despite tariffs and inflation fears• AI buildout surge fueled by accelerated depreciation• Oil’s drop easing costs and supporting margins• Wealth effect and democratized access driving flows• Bonds’ weak real returns pushing investors into equities• Risks from rates above 4.25% and geopolitics• Barron’s angle on quality stocks and FCF ETFs• Salesforce as an AI-enabled operator, not a victim• Commodities review with copper’s 2026 bull caseThis podcast is available on most platforms, including Apple Podcasts and SpotifyFor more information, please visit our website at www.heroldlantern.com** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice. For full disclosures, ADVs, and CRS Forms, please visit https://heroldlantern.com/disclosure **To learn about becoming a Herold & Lantern Investments valued client, please visit https://heroldlantern.com/wealth-advisory-contact-formFollow and Like Us on Youtube, Facebook, Twitter, and LinkedIn | @HeroldLantern