December 31, 2025
New Year Ahead

A couple of items this time: I've received the first reviews for the Hydegild Sacrifice.  I thought I'd share one from Reedsy:

LOVED IT! 😍 

A humorous and thrilling mix of historical fiction and classic mystery.  Major Gask and Rait make a delightful team!

SYNOPSIS

A Dangerous Web:
The next chapter in the adventures of Major Findo Gask and Erroll Rait begins not with a bang, but with a whisper - a whisper that draws them into the darkest corners of American history.  Arriving in Washington DC, the two friends are swiftly recruited by the famed Pinkerton agency, their mission nothing less than to prevent the impending assassination of president Abraham Lincoln. But this is no simple task. As they peel back the layers of the plot, gas and Wright discover a tangled web of intrigue far more complex than a fanatic actor and a group of vengeful Confederates. The conspiracy stretches far beyond what anyone could have imagined, it's 10 drills reaching into the highest echelons of power. With every clue they follow, the stakes grow higher, the shadows deepen, and the truth becomes more chilling. They soon realise that it's not just Lincoln's life on the line, their own may also be forfeit.

The case of the Hydegild Sacrifice by David Cairns of Finavon is part of the Major Gask and Errol Rait mysteries series. This is the fourth book of the series, and as such, it does contain some spoilers from the previous books. I would recommend reading them in order, but each book contains its own mystery, so it's possible to read them separately, if needed. 

The story is a fascinating combination of historical fiction and classic mystery. While much of the information is skilfully woven throughout the story, there are occasional footnotes given to offer readers additional historical context and helpful references to events in past books; this supplies readers with any additional background information they might need without bogging down the narrative flow.

I was elated to find that the story references Pinkerton and some of his agents at the time! I read a book years ago called Girl in Disguise that mentioned Tim Webster. The Case of the Hydegild Sacrifice is unique in that it presents the story at a time of extreme uncertainty in American history from an outside source, a former British Officer and his Australian companion. Major Gask and Erroll Rait are an entertaining pair, and the humor and insight make this a diverting read. 

In addition to the thrilling sense of adventure the story carries, Gask and Rait prove themselves to be very knowledgeable about the world around them, and I loved hearing their thoughts on the different topics that arose in the story. Gask is the narrator, and his inquisitive yet mildly socially awkward nature finds him in some interesting situations. While not quite Sherlock Holmes, what Major Gask lacks in renown, he makes up for in persistence. He's always up for an adventure and meets some very interesting people in his travels. His title brings a level of intrigue that seems to draw attention and rumor alike, sometimes to his disadvantage. I liked getting a glimpse at his thoughts, as well as hearing his discussions with Rait and the others in the story.

Overall, I adored meeting the characters and enjoyed the conversational tone used to tell the story. The historical and mystery elements wove together beautifully and kept me glued to the pages. From the moment they met Mrs Lewis, I was invested in the story and couldn't stop thinking about it. The mystery revealed itself slowly at first, but once I got to that point, I couldn't put it down because I had to know what would happen next!

Reviewed by Stephanie Curtner

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On a totally different plane, I have, over the last 3 years, been running a small personal investment portfolio.  Global stock markets did well in 2025 after the drop caused by Trump’s tariffs in Q1 and in 2025, I achieved a 32% return (following 20%+ returns in  the two prior years) - AUD13,152 on an average investment of $40,803.  (This ignores dividends and execution costs of trades).

My portfolio ranged from 15 to 60 companies across the year at any point in time (I monitored just over 100) – mostly in the USA, although my European defence sector was important.  I invested about $1,000 in each company.  I did invest in some of the Magnificent 7 and made a return, but the major gains came from the theme of European Defence as Europe geared up to face down the Trump factor (which, incidentally, I believe will be a long-tern drag on US defence stocks).

My major gains (in AUD) came from:

BCKIF                    1,238    Babcock & Wilcox        European defence 

BE                          1,205    Bloom Energy               Energy tech 

FINMY                   1,028    Leonardo                       European defence

KTOS                     1,415    Kratos                             Defence - Drones

MU                         1,496    Micron Tech                   Data storage & AI

RNMBY                  2,061    RheinnMettall                European defence 

RYCEY                      963    Rolls Royce                     European defence

Total                       9,406    72%

Others (nett)          3,746    28%

Total                      13,152

Of course, I lost on investments, too with the largest loss on EH (EHang Holdings – a Chinese tech stock) at $359 included in the 'Others' nett gain above. 

As a bit of fun, I’m laying out my view of the investment landscape in 2026. 

 

The key themes I am going to focus on are:

1.        AI infrastructure
AI is going to continue to evolve – but I do not like investing in loss-making companies so I am going to focus on the picks and shovels, not the deliverers of AI technology.  Providers of energy to power data centres, datacentres too, chips.

2.        European Defence
With the US losing trust and credibility under Trump, we have been seeing a major shift in European defence strategy.  In 2025 this was a good place to be.  I see it continuing in 2026.

3.        Drone technology
The battlefield has changed over the last year or two offering a dramatic change in time to market and cost/benefit vs traditional hardware.  Drones and robotics are primed for further growth.

4.        Cybersecurity
With reliance on data and technology, and the rise of autocracies, securing against bad actors will continue to be a priority.

5.        Small cap biotech M&A
Trump and the Republicans will be under pressure to reduce costs in 2026 and this will become a major factor in healthcare.  This should put pressure on Big Pharma to reduce prices.  Also, over 200 drugs are due to lose patent protection in the next few years including 69 blockbuster drugs, each generating $1 billion of annual revenue. One way for them to respond will be through acquisition of smaller, nimbler companies already in the drug certification system.

6.        Aging populations

This will continue to create opportunities in service and healthcare businesses.

  

Let’s see how I do a year from now!

Happy New Year!