Although we are only a quarter into 2025, and we believe the odds favor “tariff” being the “word of the year.” Due to our headline driven news, people are not liking the word, but did people love the name Blanche the first time they heard it? In this Note we hope to provide some education on tariffs, some historical economic data, and our views on navigating the equity market in the coming months.

As we continue to find the 2025 investment universe in the constant crosshairs of the pessimistic pundits of the financial news media, we hope to provide some color on what we have observed over the past few months and decades, and use this to share our medium to long-term outlook, and see how much of these recent events are just a ”show about nothing…”.