Welcome to 2026.

If the first week of this year is any indication—with the world still reeling from the events of January 3rd in Caracas—we are in for a period where "unprecedented" becomes the standard. But before we dive into the geopolitical storm, we want to take a moment to look at our own data and the path behind us.

2025 was a pivotal year for this newsletter. We are humbled to report that our subscriber base grew by 98.1% over the last 12 months, with 56.06% of our articles actually read by YAINers!

Interestingly, our data shows a high correlation between market volatility and open rates. As the "Trump Trade" oscillated and global tensions mounted late last year, you turned to us not for hot takes, but for clarity. We thank you for that trust. Our mission remains to provide the signal amidst the noise, and your continued support confirms that this is exactly what the modern investor is craving.

Financial markets in 2025 defied simple narratives. It was a year defined by extreme divergence.

While the US equity market rode the initial wave of deregulation promises, the reality of "America First" protectionism began to bite by Q3. We saw record outflows from standard equity funds as investors sought safety, yet specific sectors—defense and domestic energy—detached completely from fundamentals, driven purely by political rhetoric.

We cannot discuss 2026 without addressing the elephant in the room: Operation Absolute Resolve.

The US military intervention in Venezuela and the capture of Nicolás Maduro has fundamentally altered the risk landscape. President Trump’s declaration that the US will "run" Venezuela and his pressure on US oil majors to "fix the infrastructure" is the dominant theme of Q1.

Our Content Evolution: Because the market environment has become so reactive to these macro events, YAIN is evolving. In previous years, we focused heavily on the Theory of Investing—teaching you how to fish. In 2026, we are shifting the balance toward active market commentary. You know the theory; now we will help you apply it. We will focus on navigating these specific geopolitical and macro risks in real-time.

Despite the chaos, we must anchor ourselves to what is true:

To ensure every email delivers high impact, we are setting a strict cadence for 2026: Maximum one article a week. Whether it is market commentary, deep-dive training, or our monthly performance update, we want to ensure that when we hit "publish," it is worth your time.

Given that we don’t control what is relevant for the market, we won’t have this year a fixed day, as last year. We will try to keep our Thursday schedule, but we will be flexible in case something worth discussing will occur on any other day.

To kick off this new era, we have a gift for you. Next week, we will publish our deep-dive analysis on Cerilion—completely free for all subscribers. This is the antidote to the macro storms described above: a "boring but beautiful" compounder with resilience baked into its business model. Watch your inbox.

For those ready to navigate 2026 with us, here is a reminder of our membership tiers.

Here’s to a disciplined and profitable 2026.