Despair is a Luxury
Fourth Quarter 2025 Review
The final quarter of the year closed out a period of continued volatility and deepening contradictions in the global economy. Markets remained narrowly focused on short‑term growth narratives, even as political instability, widening inequality, and environmental and human rights concerns continued to shape the real economy.
At NorthStar, we remain disciplined in our refusal to chase momentum divorced from values. We invest in companies building durable businesses—treating workers with dignity, operating within ecological limits, and contributing meaningfully to society—even when those companies fall out of favor with the broader market.
In this Fourth Quarter letter, our CEO offers perspective on the broader environment, our CIO shares market insights, and our Shareholder Activism and Outside Investments teams provide updates on our ongoing work. We invite you to read it in depth.