In this reflective year-end edition of The Gentle Ledger, markets moved quietly lower as investors gently closed the books on 2025. Major U.S. indexes eased in holiday-thinned trading, with tech leadership softening while selective strength appeared in energy and communications. We explore subtle corporate shifts, including renewed AI-driven optimism, cautious profit-taking among mega-caps, and restrained positioning across financials and consumer names. Across Asia and Europe, markets mirrored the same contemplative tone, trading narrowly as global desks prepared for the calendar turn. Commodities offered sharper contrasts, with gold, silver, and copper making pronounced moves while oil held steady, Treasury yields drifted lower, and Bitcoin remained calm near the high-$80,000s — a quiet close to a resilient and eventful market year.