Global markets in 2025 experienced significant volatility, marked by record-breaking gold prices, meme-stock-like surges in Fannie-Freddie, and rallies in defense stocks influenced by geopolitical events and AI trends. Investors pursued high-conviction trades in cryptocurrencies, Turkish carry trades, and Japanese bonds, encountering both substantial gains and rapid losses. Bloomberg identified 11 notable trades, revealing market bubbles and fragile narratives, offering lessons for risk-conscious investors in 2026.