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At the start of a new year, it’s human nature to want a crystal ball: What lies ahead, and how will it affect us? This feeling is particularly acute in times of uncertainty, when the ability to engage in meaningful foresight can feel elusive at best. And whether the world is objectively more volatile, it certainly feels that way to CEOs: Based on our analysis of earnings calls, 2025 saw a significant spike in discussions about uncertainty, with little sign of abating in 2026.

