Clear Harbor Outlook for 2025 Q4
If ever there was a moment when markets “climbed a wall of worry,” this is one. Investors face a complicated backdrop as we enter the final quarter of 2025: lower inflation and resilient corporate earnings on one side, and shifting trade regimes, mounting fiscal concerns, and persistent geopolitical volatility on the other. All while market indices notch new highs and key P/E multiples keep expanding. Yet this feels different from other periods in which markets trended higher amidst uncertainty. It is crucial today that we go beyond the ordinary rigors of parsing conflicting economic data and earnings statements, and confront in a clear-eyed way the tectonic shifts underway in the digital economy, the structure of global manufacturing, and the geopolitical order.