The Monthly Briefing: 2025 Annual Review
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I've just published the 2025 Annual Review of The Monthly Briefing. I wrote this for one reason: accountability. Good investment commentary should be judged on outcomes, not intentions. So this review looks clearly at how our model portfolio, the Global Tech 15, performed in its first full calendar year and how we approached a market that rewarded judgement more than headlines. The numbers, briefly: In 2025, the Global Tech 15 returned +28.02%, compared with +16.35% for the S&P 500. Since inception in August 2024, the portfolio is up +55.78%, versus +30.60% for the index. But performance alone is not the point. The review also explains the thinking behind those results, what worked, what did not, and what 2025 revealed about how markets are changing. It is not a victory lap. It is a clear-eyed assessment of process, discipline, and risk. You can read the full annual review here: Thank you for reading, challenging, and engaging with The Monthly Briefing over the past year. I look forward to continuing the work in 2026. David Thomas Disclosure: Commentary reflects opinion and analysis for educational purposes only. Past performance is not indicative of future results. |
North Tech Capital
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