Thank you to all our readers who have followed our stories throughout this year!

Before we wade into 2026, here are our articles to close the year—prefaced by our year-in-review episode of Independent Outlook.

Ivan Eland argues that Trump’s Ukraine policy has veered from strategic restraint to outright appeasement, pressuring Kyiv to accept a lopsided peace that rewards Russian aggression.

It’s that time of year again: Senator Rand Paul’s Festivus Report skewers Washington for blowing over $1.6 trillion on everything, from binge‑drinking ferrets to “Plinko”-playing monkeys.

In a pair of articles, Craig Eyermann notes several bizarre examples found in the Festivus Report as well as staggering cases of outright fraud, including government workers using agency credit cards for personal expenses—all on the taxpayer’s dime.

Allen Gindler discusses the economic fallacy at the core of the Trump fraud investigation as well as its impact on general economic sentiment. He addresses the misleading belief that subjective property valuations are objective facts, and he explains why courts are unable to make accurate price determinations.

Finally, Matthew B. Crawford writes about the pending sale of Warner Bros., arguing we must consider the intuitions that led people in the film and television business to panic about the prospect.

Enjoy—and have a happy New Year!

Jonathan Hofer
Managing Editor