Markets are not reflecting the impact that a potentially historic level of tariffs will have in 2025. The effects will cut across all asset classes. The next, and subsequent issue, of the Global Investment Letter will feature how investors should be positioned.

There have never been more potential economic and geopolitical catalysts for volatility since WWII. The years ahead are likely to be very challenging and emotionally jarring.
It's a time to take a broad view of world events to gain perspective.

My recent interview with Lily Patrascu on her podcast covered the most important lessons I've learned in managing our psychology to improve investment results and in dealing with the daily challenges of life.
www.youtube.com/watch?v=va5y...

Inflation's Hidden Threat: How It's Shaping Global Markets and Interest Rates

www.slideshare.net/slideshow/in...

Consensus opinion continues to embrace what we think is the paradoxical notion that America can both avoid a recess and see an aggressive cut in interest rates. Markets will be vulnerable when investor expectations meet economic reality.