IC Outlook - Q4 2025
Kristal's Q4 2025 outlook argues markets have priced policy success too optimistically, and positions for continued expansion while hedging the implementation, inflation, and fiscal risks of the "plateau paradox."
Sachin Nikhare
Kristal Investment Committee
From policy shock to the plateau paradox
In its Q4 2025 Investment Outlook, Kristal's Founder and Global Chief Investment Officer Asheesh Chanda frames the current environment as a "plateau paradox": markets have priced in policy success, yet the hard work of implementation lies ahead. The adrenaline phase of policy-driven volatility that defined early 2025 has passed, and certainty has replaced chaos—but that certainty contains assumptions that may prove optimistic.
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