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April 6, 2025

Tariffs, Tumult & the Test of Fundamentals

Our latest memo explores the ripple effects of Trump’s sweeping tariff announcements, rising U.S. recession risks, and the shifting balance between fiscal dominance and monetary policy. We also highlight how we are navigating the renewed market volatility — with select opportunities emerging for long-term investors.
Some of the themes we cover:
• The real motives behind the tariff shock
• Why the Fed may stay on hold despite market stress
• Positioning beyond the Magnificent 7
• Strategic exposures: NVIDIA, Novo Nordisk, and German mid-caps
• How we engage with Mr. Market — on our terms

Mr_Market_and_the_Alchemists__ECP ( attached .pdf )