lerbank/iStock via Getty Images Dear clients and fellow shareholders: In case you have already forgotten, it is worth recalling that 2025 delivered no shortage of alarming headlines. At various points during the year—most notably in April—it appeared as though markets and geopolitics were unraveling simultaneously. As a reminder, here are just a few of the more concerning developments from the past year.       U.S. equity market drawdown: Tariff-driven trade tensions triggered a sharp selloff in April,  ...