“You Retire Once… I Help People Retire Everyday”
After starting 2025 confident that the new U.S. administration would prioritize policies that would promote growth and limit inflation, markets quickly had to revise their expectations in the face of the rashness with which President Trump wielded –and acted upon – the tariff threat. Yet, while this context generated a general increase in volatility as it pertains to financial markets, the irony is that U.S. stocks ended the quarter more affected than the equities of the countries targeted by the tariffs, with the S&P 500 dragged down by its tech giants, whose exceptionalism is increasingly being called into question. On the other hand, while the S&P/TSX escaped without too much damage. The biggest surprise came from the strong outperformance of European equities, as American hostility helped create a sense of urgency for more pro-growth fiscal policies in Europe.
Click below to read the full edition of ‘Monthly Market Perspectives’ where I dive into and recap financial markets in Q1, discuss the market shaking events of ‘Liberation Day’, and share some thoughts on how investors should navigate this current environment.
Thanks for reading. AP
