Tariffs and Trade Winds

Published on October 30, 2025

Two weeks ago, the International Monetary Fund (IMF) issued an updated World Economic Outlook. In it, the IMF edged up its global growth forecast for 2025, suggesting that U.S. tariffs haven’t turned out to be as damaging as the Fund anticipated in April.

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A Look Under the Hood

October 30, 2025
Over the last 56 years, I’ve spent a lot of time making suggestions to clients regarding their investment processes and portfolios, and I’ve been on the client side as a member of various investment committees. But seldom have I been able to bridge the two, serving as an active participant in clients’ investment processes.

Better Days (for Earnings)

October 30, 2025
Still-healthy demand and disciplined cost control are central themes for earnings, which continue to suggest a mostly resilient economy in light of government data darkness.