01/12/2026
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.” - Sir John Templeton
Our 2025 Year-End Newsletter is now live.
In this issue we cover:
• The AI boom and whether it resembles past market bubbles
• How passive investing and market concentration are shaping markets
• Lessons from 2025 performance
• Portfolio updates across several holdings
Read it here:
www.sirmiumcapital.com/newsletters/latest.pdf