With ongoing geopolitical uncertainty, many investors are asking: how can markets be hitting record highs right now? In this episode, we break down the shift away from oil-driven market movements, why volatility has settled, and how forward-looking markets process uncertainty. We also dive into what's fuelling the rally, from a surprisingly strong U.S. economy to standout earnings and the resurgence of mega-cap stocks.

There's no shortage of factors driving markets right now. In this episode, Sarah Bull and Andrew Csumrik begin with oil, examining what it is truly signalling about today's market environment, before unpacking the broader mix of forces at play, including ongoing volatility. The conversation reflects the reality investors are facing: a convergence of factors, where staying disciplined matters more than ever.

Despite a strong finish for equity markets in 2025, investors navigated a series of disruptive themes throughout the year, from DeepSeek-driven volatility early on to tariffs, geopolitical conflicts, and U.S. political risk. This episode reviews the forces that shaped markets in 2025 and considers the outlook for 2026, including consumer strength, market breadth, protectionism, elevated valuations, and risks associated with rising long-term interest rates.