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The views expressed are those of the authors at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
The bravado of the Liberation Day tariff announcements, framed as a “declaration of economic independence,” sought to employ draconian measures to force a rapid rebalance of global trade, with 10% baseline tariffs and country-specific tariffs as high as 145%. Markets were caught off guard and likewise rapidly began to plummet. Investors who sold, fearing the implications of an abrupt end to globalization, would be dismayed when a 90-day moratorium announced a week later sent markets skyrocketing on hopes for a better trade outcome.
Following drawdowns, markets can often snap back and retrace losses quickly. While the catalysts vary over time, history has often made the case for staying invested. Since 2000, a formal market correction (i.e., exceeding -10%) has occurred roughly every other year on average, including in many years ending in significant positive territory. 2025 is no different, with investors who missed out on the April 9 bounce back lagging the S&P 500 by an astonishing -8.7% year to date as of writing.
We may not be out of the woods on final tariff policy, but remaining engaged with the market and building a diversified portfolio to withstand periods of volatility could be perennial tried and tested advice for investors.
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Taking stock of the energy shock: 9 macro and market insights
Macro Strategist Juhi Dhawan looks at the potential effects of the war in the Middle East on economic growth, inflation, policy, and corporate profits.
The economy needs more competition. AI can make that happen.
Brij Khurana believes that as AI evolves, it will challenge traditional business moats and revitalize competition across industries. This transformation could lead to increased productivity, higher real wages, and stronger economic growth.
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Geopolitical Strategist Thomas Mucha discusses the strategic complexities of the Middle East conflict, underscoring the importance of active management and diversification in investment portfolios.
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Fixed Income Portfolio Manager Jeremy Forster discusses the Fed's cautious stance amid geopolitical tensions, inflation risks, and labor market dynamics.
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Our experts discuss the paradox of US exceptionalism today, emphasizing diversification and active management in response to evolving global economic trends.
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Perspectives on the Middle East conflict
As the situation in the Middle East continues to unfold, you can find the latest insights from our investment experts here.
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The Fed’s growing footprint on the market has a cost
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