Writing a quarterly letter in the wake of a tariff announcement feels like an exercise in April foolishness. Markets are moving fast, and no doubt they’ll shift again before this reaches your inbox. A quick disclaimer—we’re not here for political hot takes; there's plenty of that elsewhere. Most questions now concern policy, tariffs, the U.S. dollar (‘USD’), and the market impact. We will touch on those and related topics below, but first a quick recap.
U.S. equity markets surged post-election
