Facts vs Feelings with Ryan Detrick & Sonu Varghese
This podcast takes a deep dive into the market-moving events to cut through the noise and help you identify what really matters. Facts vs Feelings is hosted by Chief Market Strategist, Ryan Detrick and VP, Global Macro Strategist, Sonu Varghese, and is a product of the Carson Investment Research Team.
The information included herein is for informational purposes and is intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of CWM, LLC. Carson Partners offers investment advisory services through CWM, LLC, an SEC Registered Investment Advisor. Carson Coaching and CWM, LLC are separate but affiliated companies and wholly-owned subsidiaries of Carson Group Holdings, LLC. Carson Coaching does not provide advisory services.
Facts vs Feelings with Ryan Detrick & Sonu Varghese
Wrapping Up 2025 with Art Hogan, the Boston GOAT (Ep. 167)
2025 kept investors off balance, and Sonu Varghese, VP, Global Macro Strategist, and Ryan Detrick, Chief Market Strategist at Carson Group turned to Art Hogan, Chief Market Strategist at B. Riley Wealth Management, to make sense of what actually drove the year. They dig into the gap between perception and reality on market breadth, why speculative pockets unraveled even as leadership widened, and how steady rate cuts, shifting Fed signals, and a softer labor backdrop shaped sentiment. Art also brings decades of perspective on small caps, mid caps, financials, healthcare, and the global forces that may matter most as investors position for 2026.
Art Hogan, nor B. Riley Wealth Management, are affiliated with CWM, LLC.
Key Takeaways:
• Market leadership broadened: More sectors and stocks contributed to gains than investors realized
• Speculative areas reset: High-risk themes sold off sharply despite broader market strength
• Fed signals stayed mixed: Cuts continued while disagreements inside the committee grew
• Labor data softened: Slower hiring and revisions added pressure beneath the surface
• Cyclicals built momentum: Financials, healthcare, industrials, and global markets carried meaningful strength
Jump to:
0:00 — Setting the Stage for 2025
5:20 — Breadth, Sentiment, and Concentration Fears
9:30 — Speculative Shakeout and AI Valuations
13:45 — Pullbacks, Psychology, and Market Stats
17:15 — The Everything Rally in Context
20:40 — Small Caps, Transports, and Quality Leadership
34:30 — Fed Cuts, Labor Signals, and the 2026 Outlook
Connect with Art
• LinkedIn: https://www.linkedin.com/in/arthogan/
• X: https://x.com/ArthurHoganIII
Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick
Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en
Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com
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