Markets were great in 2025—but that may be the problem.

2025 was a stellar year for investors—but will the same playbook work in 2026? In this episode of Payne Points of Wealth, Ryan Payne, Bob, Chris, and special guest Aaron Dessen kick off the new year by reflecting on an unexpected, across‑the‑board winning year in markets—and then pivot to what really matters now: what could derail your portfolio in 2026. The team breaks down 5 key hurdles investors must watch in the coming year, including geopolitical shocks, Fed rate cuts, the dangers of sitting in cash, speculative “casino‑like” market behavior, and the growing risk of chasing last year’s returns. From surprise upside volatility during global conflicts to why money markets are not a long‑term solution, this episode challenges many of today’s popular investing assumptions. You’ll also hear a candid discussion on: Why no one—not even experts—can reliably predict markets The hidden risks of FOMO in late‑stage bull markets Whether gold, silver, and commodities still belong in portfolios after a big run The difference between investing and speculating in leveraged ETFs and momentum trades Why diversification and discipline matter more than ever in hot economic conditions In the second half of the show, the team performs a real‑world Financial Autopsy, analyzing the portfolio of a retired couple in their late 70s. Aaron walks through how excessive equity exposure, high‑fee mutual funds, and poor tax efficiency put retirees at serious risk—despite “good performance” on paper. The group highlights how reallocating toward income, reducing downside risk, and aligning investments with actual retirement goals can dramatically improve peace of mind. This episode is a powerful reminder that: Bull markets reward confidence—but they also hide risk. Whether you’re approaching retirement, already retired, or just wondering how to position your portfolio for an unpredictable 2026, Episode 228 delivers timely perspective, practical insights, and a healthy dose of market realism. Don’t miss this essential start‑to‑the‑year conversation.