Stocks are sailing.  It’s extraordinary to consider that in just six astral weeks, the U.S. stock market has transformed from cascading endlessly to the downside to magnificently floating to the upside.

“I’m singing this note ’cause it fits in well with the chords I’m playingI can’t pretend there’s any meaning hidden in the things I’m sayingBut I’m in tuneRight in tune” – Getting In Tune, The Who, 1971 It is the unexpected beauty of the Liberation Day tariff announcements from just over a month ago.  When you initially announce tariffs against … Read More

April was a turbulent month for global financial markets, characterized by heightened uncertainty and sharp price swings. Just three months into the Trump Administration, sweeping shifts in trade policy – most notably a 10% import tariff announced on April 2nd – rattled investor confidence. The announcement fueled concerns over rising inflation and increased borrowing costs, prompting sell-offs across both equity … Read More

Investors have been in search of a new bull market with stocks careening to the downside for more than two months. 

Capital markets are finally making some constructive progress following two tumultuous months. After a gradual descent following its February 19 peak, the U.S. stock market accelerated to the downside once the calendar flipped to the second quarter and the Liberation Day trade war was underway. But following a series of steps by the U.S. to scale back their initial trade … Read More

“Combien, combien, combien de temps?” –R.E.M., Talk About the Passion, 1983 It has been a difficult stretch for capital markets for a couple of months now.  And as we emerge from our Easter/Passover holiday weekend celebrations, investors are left to wonder how much longer will the turbulence that has enveloped capital markets persist as we continue through the spring and into … Read More

It has been a tumultuous second quarter so far. After only nine trading days, we have seen U.S. stocks as measured by the S&P 500 plunge by more than -15% peak-to-trough in the wake of the “Liberation Day” tariff announcements, only to find their footing and battle their way back since. Although the tariffs for most countries have been paused … Read More

Liberation Day has arrived for the United States.  Unlike in most other countries where it is celebrated in reflection of the end of a past war or the dawn of a new revolution, Liberation Day in the U.S. as it has come to be known is the declaration of promised tariffs to free the country from the import of foreign goods.

“And I feel like I’ve been here before” -Deja Vu, Crosby, Stills, Nash & Young, 1970 It’s been a tough time for the U.S. stock market as of late.  Over the last four weeks, the headline benchmark S&P 500 Index has fallen by just over -10% peak to trough.  And the bounce that has emerged over the past five trading … Read More

“Some things in life are bad, they can really make you mad  Other things just make you swear and curse. When you’re chewing on life’s gristle, don’t grumble, give a whistle And this’ll help things turn out for the best” -Always Look on the Bright Side of Life, Monty Python, 1979 The U.S stock market has certainly been bad lately.  … Read More