2025 Week 09
And so, after 34 days of watching the new U.S. administration in action, we find ourselves at a similar inflection point as "the fat lady." The next round of geopolitical maneuvers will likely have profound consequences for stocks and bonds.
The Immolation Scene is one of opera's most powerful and dramatic moments. Brünnhilde sings for 18 epic minutes in Götterdämmerung's climactic finale before sacrificing herself on a funeral pyre, ending the old order of gods and setting the stage for renewal.
For us, it's been five years since we began a strategic shift away from U.S. Treasury securities in our model investment portfolios. Now, with a sweeping new tariff structure set to disrupt both allies and adversaries, the endgame is upon us. The central question remains: how will this play out? Will it end in a decisive checkmate, a prolonged stalemate, or a reluctant concession? And, just as crucially, what narrative will we assign to this economic turning point?