2025 saw wild swings in global markets, from record-breaking gold and meme-like Fannie-Freddie gains to geopolitical-driven defense rallies and AI trades. Investors chased high-conviction bets in crypto, Turkish carry trades, and Japanese bonds, facing both spectacular wins and sudden wipeouts. Bloomberg highlights the year’s 11 most eye-catching trades, exposing market bubbles, fragile narratives, and lessons for 2026’s risk-conscious investors.