"The United States is still home to many of the world’s most innovative and well-managed companies, but its reputation as a haven of political stability and free trade has been dented."
"Our job as investors is to price credit risk premiums in the face of uncertainty. The broader the array of possible outcomes, the less confidence market participants have in asset valuations, leading to volatile price swings. The volatility we saw in early April resulting from the posturing around trade policy was truly historic.”
"Unlike domestic cycles, where monetary and fiscal authorities intervene to correct imbalances, there is no global authority that manages currency misalignments."
“Countries don’t get rich by creating expensive substitutes to cheaper imports… they get rich by making