Our goal for Investment Perspectives is for it to be one of the ways that we communicate our thinking (past and present) to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts or questions.
Latest Investment Perspectives
“In bull markets people put a premium on promises, and in bear markets, they put a discount on reality.”
– Jim Chanos (renowned investor and founder of Kynikos Associates)
Playing the Long Game: Turning Uncertainty into Advantage
As the first quarter of 2025 concluded, markets remained resilient despite ongoing uncertainty stemming primarily from the recent imposition of substantial tariffs. Initially met with caution, these new trade policies introduced volatility into the financial landscape, testing investor confidence and raising questions about future economic stability. Nonetheless, U.S. equity markets broadly maintained their momentum, supported by robust corporate earnings, anticipation of interest rate easing by the Federal Reserve, and renewed expectations for an economic soft landing. However, in early April, the market’s strength was tested by announcements of new tariffs and a sharp rise in volatility, underscoring the importance of carefully evaluating risks and opportunities on a company-by-company basis.
In this edition of Investment Perspectives, we delve deeper into the themes shaping your portfolio amidst today’s complex market environment. We explore how uncertainty around tariffs, while challenging, can create meaningful opportunities for disciplined investors who maintain a long-term perspective. Additionally, we highlight the critical role of focusing on quality businesses—those with resilient earnings, prudent management, and reasonable valuations—as essential components of effective risk management. Finally, we discuss why patience, a steady temperament, and clarity regarding your investment time horizon are more valuable now than ever, particularly as media narratives and short-term noise continue to influence market sentiment.
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