For investors, 2025 was a year of many lessons. Mostly due to the extraordinary behaviour of the new US president, they came thick and fast. As the crazy year ends and the new one beckons, it seems timely to ponder the bigly one. Trump stormed back to the Oval Office in November 2024. Across financial markets, the decisive result was broadly welcomed. The expectation that the clean sweep of congress cleared the path to lower taxes and less regulation added further momentum. Overall, the fear of protectionist threats was more than offset by the hope of stronger growth.  But then…

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