The most-read commentaries published on Advisor Perspectives in 2025 were a mixed bag, but the bulk of them reflected uncertainty about the state of the U.S. equity markets.
Howard Marks of Oaktree Capital Management wrote the most-read commentary of the year in December. “Is It a Bubble?” asks the question that’s on almost every investor’s mind these days. The article digs into the bubble concept and puts it into perspective for readers.
Marks’ commentary was followed by one in October on a similar topic, from John Hussman of Hussman Funds, titled “An Unsustainable Equilibrium.” The piece takes a data-driven approach to evaluating the stability of U.S. markets in light of record-high valuations.
John Mauldin of Mauldin Economics also weighed in on valuation in the third-most-read commentary back in March, “When Valuations Collide.” Beyond further supporting the assertion that valuations have been a pervasive theme in 2025, he reminds readers that he expects a debt crisis in the next few years, along with muted equity index returns and potentially significant drawdowns. Have a plan, Mauldin advises.
Richard Bernstein, founder of Richard Bernstein Advisors, claimed the No. 4 spot in the top 10 with “The Mag 7 Becomes the Mid 7.” In the piece, published in June, the author indicates that the Magnificent 7 are more the Meh 6 if you factor out NVIDIA’s impact, and notes how their runaway performance to date has led to significant narrowing of the U.S. market. International quality equities may be a more promising space in terms of performance going forward, he says.
Coming in at No. 5 is the commentary “Is Private Equity a Wolf in Sheep’s Clothing?” from July, by Lance Roberts of Real Investment Advice. With private equity investments becoming increasingly available to retail investors, Roberts enumerates the risks and drawbacks associated with the rather opaque asset class.
Charles Schwab’s Jeffrey Kleintop wrote about the buzz around international stocks with the sixth-most read commentary, “Why International and Why Now.” Echoing Bernstein’s findings, the article published in May looks at the appeal of non-U.S. equities in the face of the dollar’s fading dominance and other factors.
