Sam Goldfarb

It's largely one word, which is tariffs and uncertainty about tariffs, which is changing day by day, hour by hour. It does seem that U.S. tariffs on a broad array of goods coming from a broad array of countries are going to be going up. And so that's one thing that investors are a little queasy about because the fear is that Those tariffs, the cost of those will be passed on to consumers.

It's largely one word, which is tariffs and uncertainty about tariffs, which is changing day by day, hour by hour. It does seem that U.S. tariffs on a broad array of goods coming from a broad array of countries are going to be going up. And so that's one thing that investors are a little queasy about because the fear is that Those tariffs, the cost of those will be passed on to consumers.

There's also just the uncertainty. It potentially unnerves businesses. They don't know what's in the future, so it's harder for them to plan, harder for them to make investments.

There's also just the uncertainty. It potentially unnerves businesses. They don't know what's in the future, so it's harder for them to plan, harder for them to make investments.

Then consumers might pull back spending a little bit. Either that or the businesses will have to accept smaller profit margins if they don't pass on those costs. So either way, it's not great for stocks. And then there's also just the uncertainty. It potentially unnerves businesses. They don't know what's in the future. So it's harder for them to plan, harder for them to make investments.

Then consumers might pull back spending a little bit. Either that or the businesses will have to accept smaller profit margins if they don't pass on those costs. So either way, it's not great for stocks. And then there's also just the uncertainty. It potentially unnerves businesses. They don't know what's in the future. So it's harder for them to plan, harder for them to make investments.

In short, selling riskier assets like stocks and buying safer assets like gold and U.S. government bonds. That's kind of like the standard playbook for when they're concerned about at least a slowdown in economic growth, even if we don't have a recession. So yields on U.S. government bonds have fallen since January and the price of gold has gone up.

In short, selling riskier assets like stocks and buying safer assets like gold and U.S. government bonds. That's kind of like the standard playbook for when they're concerned about at least a slowdown in economic growth, even if we don't have a recession. So yields on U.S. government bonds have fallen since January and the price of gold has gone up.

So, you know, I guess it's step one. And because they could signal that the hard data, like the jobs report that we're going to get on Friday or the incoming months could turn worse. Sometimes the soft data doesn't translate to the hard data. People might be saying that they're not feeling great, but they actually just keep on spending. That's happened a little bit in recent years.

So, you know, I guess it's step one. And because they could signal that the hard data, like the jobs report that we're going to get on Friday or the incoming months could turn worse. Sometimes the soft data doesn't translate to the hard data. People might be saying that they're not feeling great, but they actually just keep on spending. That's happened a little bit in recent years.

So we'll just have to see.

So we'll just have to see.

Thank you.

Thank you.