Street Freak 2025 Report Card:
The Year of Gold, Guts, and Getting It Right
No sense in burying the lede: Street Freak crushed it in 2025. I’ll give an overall “report card” score at the end, but we’re up 42.7% year to date, while the S&P 500 has notched 17.3% and the equal-weight index has scraped together 11%.
That’s not just outperformance—that’s like if prime Tyson fought an infant. This is what happens when you ignore the consensus, trust your convictions, and position for what’s actually coming instead of what Big Media tells you is looming.
The goal here is to beat the S&P 500, and we’re doing that handily this year. We have a clear bias to international stocks, and that has paid off. Just goes to show that you don’t need to own the fluffy tech stuff to outperform. That is a consensus idea, and the consensus is always punished in the end. Nobody ever sells at the top.
I have to say that I am fired up with how this year has gone, which is why my team and I are taking a victory lap. Why not? We’re inviting you to join Street Freak in 2026 at a limited year-end discount. 300 bucks off the normal price. Yeah, in a couple of weeks, we start back at zero. Clean slate. But I am more motivated than ever to generate returns for my readers, with the minimum amount of risk possible and a series of uncorrelated bets.
I don’t know what the Sharpe ratio of the Street Freak portfolio is, but I imagine it is pretty good. Maybe I’ll hound my analyst to calculate it at some point in the future. For now, though, let’s go through the year’s winners and losers before looking ahead to the new year.
Gold Wasn’t a Trade—It Was a Regime Shift
This was the story of 2025. While everyone was piling into the Mag Seven, we were loading up on shiny rocks and miners. And boy, did it pay off.
Obviously, I can’t drop the tickers here (out of deference for my subscribers and because, well, this is how I make my living), but we’re talking year-to-date gains of…
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+169.1%
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+154.2%
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+118.9%
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+62.4%
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+82.2%
The precious metals complex wasn’t just our best call—it was the defining trade of 2025. Total portfolio weight: 25%. Total contribution to returns: probably 70%. This is what conviction looks like.
As for the rest of the long book…
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+68.5% — Emerging market (EM) banks can work when you pick the right ones.
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+31.1% — Latin America exposure at the right time.
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+27.9% — Boring utilities making money. Sometimes steady wins.
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+27.8% — Copper exposure with a gold kicker. Perfect.
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+19.4% — An EM that worked. Not a mind-blowing gain but never one I’ll thumb my nose at.
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+16.9% — An energy company that held up despite sector weakness.
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+15.1% — Another solid EM banking and financial services company.
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+8.2% — A commodities basket doing what it’s supposed to do.
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+4.0% — Nothing to write home about, but Davis recently slapped a price target on the stock, representing about 20% upside from the current price.
Hedges Are Supposed to Lose Money
Yes, the hedges weighed us down some this year. But here’s the thing about hedges—they're supposed to lose money! That’s literally their job.
For the sake of transparency, though, here are the losses this year…
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-65.3% — A stock that refuses to die. We added puts on this last month, and it’s a pile of crap already. And I had a lot of conviction on it! Such is the nature of shorting stuff—the stock continues to go up.
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-52.9% — The market kept grinding higher. The crash didn’t come. The puts are in the toilet. That’s okay.
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-36.5% — A private equity name that kept its head above water… for now.
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-15.1% — This fertilizer play got dinged. Agriculture weakness was real.
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-3.1% — Slight loss, but I have a lot of belief in this EM play moving forward.
The put positions cost us some additional gains. But here’s the reality—without those hedges, we’d have been nakedly long in a market that could have rolled over at any moment. I’m not apologizing for insurance that didn’t pay out. I’m still sleeping at night.
I mean, people get insurance on their houses, cars, and lives, but they don’t get insurance on their portfolios, which often is their most valuable asset. I’d rather hedge. Because, if the market does crash, a significant part of the losses would be offset by the gains on the puts. Worth the peace of mind. Again, a 25.4% Street Freak year-to-date outperformance versus the S&P 500. I’ll take that any year.
What I Got Right vs. What I Got Wrong
Let’s start with what I got right…
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Everything about inflation and metals. This wasn't luck—this was analysis, conviction, and the courage to be massively overweight in precious metals when mainstreamers probably would’ve labeled us “insane.”
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Emerging markets selectivity. We didn’t just buy EM. We picked specific banks, specific countries, specific stories. That’s stock-picking, not beta-chasing.
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Commodities positioning. Our commodities basket worked because we understood the macro setup.
And now, for what I got wrong…
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The crash timing. I was too bearish on equities too early. The puts were insurance for a fire that didn’t start. Maybe it starts in 2026. Maybe it doesn’t. But I paid for protection we didn’t need this year. No major regrets here.
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A certain used-car retailer. I underestimated the staying power of this garbage company in a momentum market. This one should have imploded. It didn’t. That’s on me.
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Agriculture. Our fertilizer trade didn’t work. Grain prices stayed weak.
Looking Ahead to 2026
Here’s what I see: More of the same but riskier.
Gold isn’t done. The macro setup that drove 2025’s rally—deficit spending, geopolitical chaos, central bank buying, inflation persistence—none of that has changed. We’re staying overweight precious metals. The miners still have room to run.
But the equity market? That’s getting dangerous. Valuations are stretched. Sentiment is frothy. The hedges that cost us money in 2025 might save us in 2026. I’m keeping some protection on.
Commodities stay in the mix. Energy could finally wake up. Industrial metals have a bid if China stimulus is real.
The consensus is bullish. That makes me nervous, but we’ll act accordingly. When everyone’s positioned the same way, that’s when dislocations happen.
Who Should Be Reading Street Freak?
This letter is for traders and investors who:
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Want a published portfolio with exact positions, weights, and ongoing updates so there’s zero guesswork about implementation—you get my macro view and specific trade ideas, with all the direction you need to execute.
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Can handle volatility and understand that 42.7% returns come with some stomach churning.
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Want exposure to non-consensus ideas that actually make money.
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Understand position sizing and know how to implement hedges.
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Are intellectually honest enough to admit when they’re wrong and can adjust.
If you need someone to tell you the S&P will go up 10% every year forever, you’re better off reading someone else. If you want real macro analysis, real trade ideas, and real results, you’re in the right place.
If you’d like to join us for the year ahead, you can enroll below.
2025 Street Freak Performance Grade: A.
No apologies, no regrets. It doesn’t get much better than this. Let’s do it again in 2026.
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