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Windmill Capital covers 5 major stories from 2025 along with other updates like rebalance, defence modernization & gold flipping 18Y narrative

A year in review of the ideas, questions, and frameworks that shaped our thinking on markets, behaviour, and investing in 2025.

One exceptional year made gold look superior to stocks. But 18 years of data tells a very different story about wealth.

As we close the books on 2025 and open the first chapter of 2026, the question we need to ask is what kind of market we're heading into.

Returns rely on Strategy & Holding Period, not just stocks. Read blog to see why patience wins.

Why don't we share company specific reports? Our aim is to shift the conversation from “Which stock?” to “Which strategy?” Read more about our approach here.
