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…

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…

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…

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%…

The widely watched S&P 500 ended last week down sharply in the two days following Trump’s “Liberation Day” tariff directives. According to Bespoke Investment Group, there have only been three other periods since 1952 when the current five-day trading week began that we have had two-day drops of 10%+: October 1987, November 2008, and March 2020….