In yesterday’s commentary, which was prepared earlier in the week, I proposed looking at the estimated tariff shock as equivalent to a new $2/gallon gas tax.
As new tariff announcements have been made through this week, however, that estimate now appears to be too low.
I am traveling to Leen’s Lodge for Camp Kotok next week. I paused yesterday in Bucksport, Maine, looking across the water at Fort Knox (a Civil War-era fort), to comment on the evolving tariff shock in a Kotok Quick Take.
We’re cooking up some serious AI conversations along with our fish in Maine. One of our panels during the gathering focused on AI. Two experts contributed, and Eric Hale moderated with aplomb and élan. The Q&A and the continuing post-panel conversation were fierce. There is a report on the panel, along with the associated survey; and in it there can be found 16 AI usage recommendations.
Our time at Camp Kotok included a riveting discussion around US healthcare policy, funding, and implementation. We follow up this morning with a report on policy blows to the functionality of US healthcare system.
I strongly recommend readers take 4 minutes to read Chris Whalen’s IRA, “777 Partners and the End of Private Credit.”
“People in the private credit trade will tell you that raising new money today is almost impossible. Why? Because there are growing signs of contagion in the insurance sector…”
Fishing was great, weather warm; there was one rainy day. Intense, robust conversation with diverse views and collegial discourse was the daily norm.
David would love to hear from you. Please Feel free to reach out and send an email.