Insights

Fast and Furious

March 13, 2025

The news flow has been fast and furious. It’s hard to leave politics aside when discussing government policy, but it is our responsibility to do so.

Post-election, the consensus was that less regulation and lower taxes would spur economic growth, even if partly offset by tariffs. So far, the focus has been much more on the latter, rattling investors and businesses alike. The constantly evolving trade rules, combined with comments from the administration that were interpreted as complacency about the market selloff and weakening economy, have dented risk appetite and all but killed the “animal spirits” that were running wild after Nov. 5. This adjustment is painful, but a market that embodies more realistic expectations is hopefully less prone to further collapses.

In turbulent times, it is important to remember that doomsday predictions resonate because of our innate survival instincts. Where investors get crossed up is when emotions elevate low-probability scenarios into inevitable consequences. It is our duty to try to remain even keeled and continually assess the risk environment on your behalf.

We haven’t seen this much volatility since the onset of the pandemic, but it is a natural part of the market cycle and an understandable reaction to major policy uncertainty. We will be doing our best to navigate these tumultuous times, looking for opportunities and trying to reduce risk, while keeping you updated on our latest thinking.