50 bps in Sept Drives Melt-Up Higher – August 13, 2025
Good morning, As promised, below is a reprint of my monthly letter, accompanying client performance reports that are going out—albeit a bit tardy—today. Before that, a quick note on what I see as yesterday’s market event of the week: the CPI report. It landed exactly in line with expectations, offering welcome relief from growing concerns […]
Q2 2025 Commentary
Volatility and uncertainty escalated in the second quarter following the introduction of President Trump’s “Liberation Day” tariffs on April 2. These included a universal 10% tariff on nearly all imports, with even higher “reciprocal” tariffs targeting specific countries. Markets responded swiftly: the S&P 500 fell over 13% in just a few days. The combined impact […]