The announcement of higher-than-anticipated tariffs during President Donald Trump’s self-proclaimed “Liberation Day” last week rattled markets, briefly pushing U.S. equities into a bear market — characterized by a decline of 20% or more — just months after major indexes reached record highs. Since the announcement on April 2, nearly every sector and industry has traded lower.

The "Tariff Policy Fallout: Defensive Sectors Leading the Charge" chart highlights the performance of the best- and worst-performing industry groups since the S&P 500 all-time high, reached on February 19. The auto

After much anticipation, the tariff band-aid was finally ripped off yesterday. Unfortunately for those expecting the news to be relatively painless, they were left disappointed with discomfort as the White House rolled out 10% universal tariffs on all imports coming into the country, with additional duties levied on countries operating with large trade deficits with the U.S. Speaking from the Rose Garden yesterday, President Trump declared it was “Liberation Day” as the new trade policies represent our country’s “declaration of economic impendence.”

The size, scope, and structure of the tariffs caugh

Defining Moments in History 

Anyone who remembers the joy of visiting airports in the pre-9/11 era knows how drastic security changes affect today’s flying experience. The Great Financial Crisis, another defining moment in history, was a catalyst for altering the customer experience throughout the mortgage application process. And more recently, the global pandemic changed commuting patterns. Perhaps it’s a bit premature and overly dramatic to say a remake of global trade would be a defining moment, but nonetheless, it’s worth having a playbook as investors prepare for the much-anticipated presidential pre

Investors are often eager to see how the funds or managers they use (or are considering) have performed compared to indexes or peer groups over the trailing 3- and 5-years. It is understandable why investors want to own funds or managers with a record of outperformance. It is important to keep in mind that past performance does not guarantee future results. It is also important to question whether recent returns reflect the bigger picture. 

We believe investors are often too quick to conclude that a manager is “good” or “bad” based on whether or not it has beaten its benchmark for the trailing 3- or 5