ANNOUNCEMENT: We are excited to present The Kobeissi Letter’s 2025 performance report. Our analysis provided a net return of +30.7% in 2025, outperforming the S&P 500's 2025 return of +16.4%. Since 2020, our investment strategy has now returned +516.3%, significantly outperforming the S&P 500’s +111.9% return over the same period. Our 2025 return builds on +8.1% in 2024, +15.5% in 2023, +92.8% in 2022, +35.3% in 2021, and +44.8% in 2020. Since 2020, our analysis has delivered a Compound Annual Growth Rate (CAGR) of +35.4%, outperforming the S&P 500’s +13.3% CAGR. Read the full annual report here: