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1st Quarter 2025: Tariff Tantrum Turbulence

Tariff Tantrum Turbulence

As usual, we completed a rough draft of this commentary a week or so prior to the end of the quarter. We had planned to deliver a relatively routine letter, which would review the events of the 1st quarter and give readers a sense of forward outlook. It might go without saying, but President Trump’s April 2 “Liberation Day” tariff announcement resulted in a significant re-write.

To put it lightly, President Trump’s tariff’s are more aggressive, more global, and more immediate than most anyone expected, including us. Many investors assumed…

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