Quarterly Letter: Behold, a Nation Dwelling Alone
April 11, 2025 – For much of the past decade, the Fed played a central role in the US economy. From innovative programs such as Quantitative Easing (QE) that emerged in the wake of ’08, through the Covid response, and culminating in the interest rate hikes of 2022, investors saw the Fed as a dominant […]
Did Nothing for Uncertainty – April 10, 2025
Good morning, Yesterday, under extraordinary pressure from the bond market, President Trump suspended his reciprocal tariffs for 90 days on all countries not named China. That led to a historic surge in the stock market. The epic rally in the S&P 500 Index (SPX) was among the top 10 percentage return days in the nearly […]