Market Commentary | Jan 08, 2026
4Q2025 Market Commentary: Embracing Change
Michael J. AroestyCFP®
CFP®
“It should be borne in mind that there is nothing more difficult to arrange, more doubtful of success, and more dangerous to carry through than initiating changes.”
- Machiavelli, The Prince (1532)
In his 16th-century political treatise, The Prince, Niccolo Machiavelli stated, “The innovator makes enemies of all those who prospered under the old order, and only lukewarm support is forthcoming from those who would prosper under the new. Their support is lukewarm... partly because men are generally incredulous, never really trusting new things unless they have tested them by experience.”
Coming into 2025, the U.S. economy rode more momentum than many expected. Growth proved resilient, the labor market remained robust, and consumer and corporate balance sheets held firm. This underlying strength mattered, because, as echoed by Machiavelli’s warning, periods of transition are rarely smooth. Change invites uncertainty, skepticism, and resistance, particularly when the old order has worked well enough for long enough.
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Michael J. Aroesty
CFP®