𝟮𝟬𝟮𝟱 𝗥𝗲𝘃𝗶𝗲𝘄 & 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 — 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭𝟯, 𝟮𝟬𝟮𝟲 Hello to all my copiers and followers! I’m happy to share with you my 2025 year-end review along with the December portfolio update. I’m closing 2025 with an exceptional return of +47.8%. This has been my best year so far, naturally setting the bar very high for what comes next. A huge thank you to all of you — copiers and followers — for your continued trust and support. Your loyalty is a true source of motivation. The markets still offer many opportunities, but I remain fully aware of the realities. Repeating such a level of performance is extremely difficult: it requires experience, discipline, sound decision-making… and also a favorable market environment. In 2026, my objective remains unchanged: to deliver solid performance while keeping risk under control, which remains my absolute top priority. As in 2025, my ambition is to outperform the S&P 500 over the long term. 𝗖𝗼𝗺𝗽𝗮𝗿𝗶𝘀𝗼𝗻 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗦&𝗣 𝟱𝟬𝟬 Since September 2022, the S&P 500 has gained +73.8%, or approximately 18.0% per year, while my portfolio has increased by +132%, equivalent to 28.7% per year. This represents an average outperformance of +10.7 percentage points per year versus the index. 𝗟𝗮𝘁𝗲-𝟮𝟬𝟮𝟱 𝗳𝗼𝗰𝘂𝘀: 𝗚𝗼𝗹𝗱 𝗺𝗶𝗻𝗶𝗻𝗴 𝘀𝘁𝗼𝗰𝗸𝘀 Towards the end of the year, I allocated a significant portion of the portfolio to gold mining stocks. Gold is currently trading at all-time highs, around $4,600 per ounce. In a context marked by geopolitical tensions and the expansion of central bank balance sheets, particularly in Europe (especially France) and the United States, I believe gold continues to offer strong structural upside potential and plays a key role in capital protection. Once again, thank you all for your trust. And let’s never forget: investing is a marathon, not a sprint. Let’s not focus solely on 2025 returns — let’s focus on where we can be in 2028. Happy New Year to all. $NSDQ100 $SPX500 $GOLD ⚠️ 𝘙𝘪𝘴𝘬 𝘞𝘢𝘳𝘯𝘪𝘯𝘨: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘢𝘱𝘱𝘭𝘺 𝘪𝘵 𝘰𝘳 𝘯𝘰𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘤𝘩𝘰𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.