April 2025
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With tariffs in excess of 100%, there’s now a de facto trade embargo between two countries that make up ~44% of global GDP. While we’re seeing progress in the headlines and on social media, until we see that progress in signed agreements, we can’t let one good week of price action lead us to conclude…
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💵 The USD is typically seen as a safe-haven asset 🦺 But during this event-driven selloff, it hasn’t attracted the usual bid—down ~7% while the S&P 500 is off ~15%. This isn’t your typical sell-off, and parts of the usual risk-off playbook aren’t working. A classic defensive sector may have just lost its safe-haven bid.…
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📈Let’s not confuse a rally with resolution⚠️ Markets rallied hard, and it felt good—but we need to talk about what has changed and what hasn’t. This edition of the 9:25 does exactly that. It also takes time to unpack the role fixed income played in last week’s events, why staying invested matters, and what to…
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🚨 So, I’ll start by saying this: I bought Friday’s close. 🛒 In this edition of the 9:25, I talk about the bloodbath in the Rose Garden, explain why I was a [reluctant] buyer, talk about finding a bottom, and queue up earnings season.
Gorilla With Glasses 