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.
I’m sending this note while at the annual Camp Kotok gathering in Maine. It has been quite a week.
Even as wide swathes of American life have fallen victim to culture wars, higher education was seen as immune. Until now.
Chris Whalen and I talked at some length recently about what US credit default swaps denominated in the euro can tell us about default risk and whether it’s a good idea now to hold some gold.
Companies the size of SpaceX or Nvidia can move entire indices. What are the practical and psychological implications of enormous scale for investors?
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