A Final Take On 2025 From Goldman's Hedge Fund Honcho

2025 was a very good year for US equities.  according to Goldman Sachs head of hedge fund coverage, Tony Pasquariello, who says he went back-and-forth on the word choice here, but concluded that "very good" seems consistent with S&P delivering a solidly double-digit return, and one that’s squarely above the long-term average. 

While the US market packed a bit less punch than it did in the prior two years, this is a healthy set of total returns: NDX +21% ... S&P +18% ... the Dow +15% ... Russell +13% ... equal weight S&P +11% ... mid cap +7%.