The 11 Big Trades of 2025: Bubbles, Cockroaches and a 367% Jump

It was another year of high-conviction bets — and fast reversals.

From bond desks in Tokyo and credit committees in New York to currency traders in Istanbul, markets delivered both windfalls and whiplash. Gold hit records. Staid mortgage behemoths gyrated like meme stocks. A textbook carry trade blew up in a flash.