Tariffs? What tariffs?

It’s been about two months since I published Navigating Market Turmoil. In that post, I urged investors to remain calm despite rising concerns over the end of free trade and American exceptionalism. At the time, tariffs and unpredictable economic policies had understandably rattled investors. Still, I cautioned against selling strong positions out of fear.

That advice has held up. Since then, the S&P 500 has climbed roughly 16%, and many individual stocks have seen significant rebounds. The portfolio I manage has recovered 30% and is now approaching all-time highs.

I share this not to boast, but to reinforce a key point: as I said before, investors must be greedy—or at least not fearful—when markets are down. The political maneuvering we’ve witnessed has had real consequences, and the market was right to price in those risks. But as I noted in Navigating Market Turmoil, these issues were either going to resolve themselves or escalate to a point where hedging wouldn’t have made much difference.

I also mentioned that if the tariff situation improved, we could see new all-time highs—and that investors might regret not buying during the dip. While we’re not quite there yet, it’s clear in hindsight that the April lows presented an excellent buying opportunity.

That said, I don’t believe we’re in for smooth sailing just yet. Political games continue in Washington, and I don’t expect that to change anytime soon. However, it seems the current administration is not prepared to shoulder the blame for a full-blown economic collapse—at least, I hope that’s the case.

We should expect more volatility as headlines continue to sway market sentiment. But hopefully, I’ve demonstrated that volatility is a natural part of investing. Being prepared—mentally and strategically—can help you take advantage of these swings or, at the very least, avoid making costly mistakes.

Looking ahead, my short- to medium-term outlook remains cautious. I’m not extremely bullish on stocks, but I also don’t foresee an imminent bear market. Barring any new developments—which seem to arrive weekly—I believe we’re on track for normalized growth. That means I don’t expect rapid gains, but I also don’t anticipate a major downturn.

I’ll continue to seek out quality opportunities and hold onto strong positions, with the hope of reaching new all-time highs soon.

As for you, keep refining your investment philosophy and stick to it. As always, this isn’t financial advice—but if you’d like to chat about market conditions or anything related, feel free to reach out. You can email me at epstock10@gmail.com.