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 Sweat Your Assets Monthly Digest - November 2025 - Market Barometer
- Quotes of the Month
- Posts
- YouTube Tutorial
 WRAPPING UP 2025 Here we are, almost
at the end of 2025. It is time to briefly reflect on what we have accomplished - small and big achievements alike. How has 2025 been for you so far?  I checked my 2024 and 2023 November Newsletters and noticed I had nailed the resolution of "investing" more time outdoors. After moving to Norway, I embraced the local FRILUFTSLIV (open-air-life) concept. While in Norway, Friluftsliv has its unique charm, it can clearly be practised worldwide. So, if you like the idea of spending more time on outdoor activities, I warmly invite you to adopt some form of Friluftsliv in your country for 2026 :-)  At portfolio level, this year I have adjusted my historical 2023 Asset Allocation, introducing Private Equity (PE) and gold investments, reducing my P2P and physical real estate (RE) investments.   The relatively high allocation of Cash can be misleading. It is represented by short-term treasury bonds, which, technically, are categorised as Cash (cash equivalent) rather than Bond. It includes both emergency and short-term funds, as well as a tactical war chest in case of a significant market correction. So, don't worry, I always make
sure to protect myself against the silent wealth destroyer known as inflation. Â In terms of Impact, I continue to invest in Solar Energy through Trine. I find it a smart and sustainable way to contribute to the SDGs by
providing people and businesses with electricity while reducing CO2 emissions. Â Real estate is now mainly through REITs and shares of a BALI beach property (YOLO fun money!). Yes, I had baby-step investments in new territories in 2025, definitely worth a standalone post! Stay tuned! Â So, what about you? Have you optimised your
Asset Allocation for your new needs and goals? Did you come up with a New Year's resolution for 2026?   1) MARKET BAROMETER - Global financial markets ended October on a high note.  November’s bumpy ride may have left some investors a little sore: - November saw renewed volatility for high-flying tech and
AI-related stocks (AI Bubble or no bubble)
- Conflicting signals from central banks — in particular, the Federal Reserve (the Fed)
- Risk sentiment oscillated, with spikes in volatility especially around rate-cut uncertainties, macroeconomic data releases and geopolitical tensions
For those enjoying short-term analysis, amid recent volatility, experts say Wall Street may not
expect a Santa Claus rally this year.  Given that I will face my first Wealth Tax in Norway this year, I would embrace any year-end valuation drop with more grace.  Market / Asset | Value (end of Nov) | YTD % Change / Move |
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S&P 500 | 6,849.09 | +16.45% | MSCI World | 4,396 | ≈ +12.1% | 10-Year Yield | 4.017% | –55.6
bps | Bitcoin | US$86,427.25 | –7.49% | Gold
(spot) | US$4,142.67 | ≈ +35% | VIX | 18.56 | — (volatility index) |
2) SWEAT YOUR ASSETS - QUOTES OF THE MONTH - Wealth vs Well-being. Money fills your wallet. People fill your life. Financial
Samurai
- The value of books. Books are the training weights of the mind. Epictetus
- Process and effort vs Results. You may want the result, but do you embrace the lifestyle? Â Shane Parrish (FS)
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3) BLOG POSTSFinancial Education in School – GMW in Oslo
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Understanding money is a critical life skill—in business and at home. I often say we are all, in our own way, the CFO (Chief Financial Officer) of our lives. Financial training is widely recognised as an essential service that governments and donors in
developing countries should promote, particularly in countries with limited welfare systems and less robust financial infrastructure. Yet, data shows that Financial literacy training is equally needed in highly developed countries. I offer the case of Norway, the country I have called home for the past year, where digital payments, easy access to credit, and high household debt shape everyday decisions. In this article, I explore why
financial education matters, how the annual Global Money Week initiative raises awareness, where Norwegian students stand in the PISA Financial Literacy assessment, and what we can do to strengthen financial education in schools.
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Read the full article
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The Spectrum of Mindsets: How We Meet Reality
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This LONG article explores the spectrum of human mindsets as I’ve encountered them through reading and lived experience. From optimism to courage, realism, and acceptance, I explore how each of these lenses influences our agency and decision-making. From the Law of Attraction to Stoicism, GRIT, and Zen, this guide reflects the mindset frameworks I have identified, as well as those I return to when navigating reality, managing
finances, promoting wellbeing, and fostering long-term growth.
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Read the full article
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When Ethical Oversight becomes politically negotiable – Lessons from the Norwegian Wealth Fund
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Financial health plays a critical role in psychological well-being, and Luxembourg’s recent findings make this global issue clear. Despite being a major financial hub, the country’s youth show worrying gaps in financial literacy, rising exposure to online risks, and limited money-management skills.
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Read the full article
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When Ethical Oversight becomes politically negotiable – Lessons from the Norwegian Wealth Fund
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Norway’s sovereign wealth fund has long been admired for its ability to combine world-class returns with a principled, depoliticised ethical framework. In a previous post, I outlined nine key features that make the Norwegian wealth fund a global benchmark. That
balance was disrupted this month (Nov 2025) when the government suspended the independent Ethics Council — a decision that raises deeper questions about governance and the very credibility of ethical investing.
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Read the full article
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 4) YOUTUBE Tutorial:
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From the archives! This is by far the most insightful and detailed lecture of Howard Marks. It is packed with timeless wisdom from its two books (The Most Important Thing and Mastering the Market Cycles) and Memos. The tutorial was edited by yours truly. Enjoy it!
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Watch the Video
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  Until next month, Sweat Your Assets,  Alessandro Baroni  You are receiving this email because you subscribed to my monthly newsletter, where I share timeless financial content or comment on monthly market trends to secure Financial Freedom.  If this newsletter was forwarded by a friend, and you would like to subscribe for free, you can do it here.  |
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