“Since Donald Trump became president of the US, he has enacted tariffs and is implementing economic policies that create uncertainty. What should investors pay attention to? The market had entered 2025 with a very crowded trade: everyone was positioned on the same three things: US equities (‘US exceptionalism’), a focus on the Magnificent 7 stocks, and a long USD. What is happening in terms of performances YTD is a good reminder that when everyone talks about the same thing, it never happens. Nowadays, everyone is focused on the tariffs, which make the daily headlines. But what is going on is much bigger than only tariffs. Assessing the world from a ‘balance sheet’ perspective, you will notice.”
Morten W. Langer
