My partners and I have been deeply engaged with the markets, watching developments unfold in real time. We have seen this movie before. This is not our first encounter with extreme volatility, nor will it be the last. We live in a world addicted to instant reactions but we do not respond with panic. We…
The penguins are cheering but the ice has cracked
Ladies and gentlemen, the tariffs have been delayed. Cue the confetti, pop the bubbly, and yes, cue the penguins waddling around in Wall Street vests, flapping in celebration. Wall Street surged with the Nasdaq rising +12.2% and the S&P 500 up +9.5% despite ongoing US-China frictions. The upside reversal was breathtaking and unsurprising but beneath…
The calm in the storm
Yes, it is true. I was at a partner’s office the other day, and even the cleaning lady asked me about tariffs. That is when you know things are getting real. “Is Trump mad? What is going to happen to the US dollar? Will the American empire collapse? Hey, what is Warren Buffett buying?” These…
Navigating the mud
Just wrapped up another video call with key partners as Trump moves forward with what we are calling the riskiest reengineering project in modern history – lots of alarming headlines out there. As the global sell-off deepens around the world, volatility has climbed significantly. This is one of those times when a zero return might…
Survey Monday
Markets around the world faced extreme volatility in the wake of Liberation Day, with waves of selling triggered by a confluence of political symbolism, liquidity constraints, and broader risk-off sentiment. Trump unveiled the steepest American tariffs in over a century, taking aim at nearly every major US trading partner. The minimum baseline tariff will be 10%…