Commentary
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March 2025: TARIFFS, TUMULT, AND A SHIFT IN SENTIMENT
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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Flight to Quality in Uncertain Times
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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“America First” Approach
The world remains in flux as investors assess the geopolitical and economic policies of the new administration. Trump’s “America First” approach continues to drive policy, causing disruption abroad but reinforcing US leverage in global negotiations.
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A Dynamic Start
January set the stage for a dynamic start to 2025, with markets responding to evolving macroeconomic conditions, heightened volatility, and shifting leadership across asset classes.
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2024 Investment Strategy Review
The 2024 Strategies Year in Review encapsulates Kensington Asset Management’s unwavering dedication to navigating complex financial landscapes with precision and foresight.
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2024 In Review
The year 2025 is notable for being a perfect square year, meaning it is the product of a squared integer, in this case, 45. It is also the year of the Wood Snake according to the Chinese Zodiac.
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The Age of Global Populism
The period of global populism we are living through promises to be one of wrenching change, not all of it peaceful. The recent assassination of a senior health care executive, while morally repugnant, is but one sign of socio-economic conflict intermixed with a generational transition not unlike what took place in the 1960s.
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Politics Prevail
In February, Goldman Sachs wrote a report calling 2024 the “Year of Elections”, noting that over half the world’s population was expected to head to polls to vote this year.
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Is This Time Different?
This time is different. Sophisticated investors are reflexively skeptical whenever they hear this bromide, particularly so when used to make the case for investing in China.
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Bumpy Roads
In 2016, PBS published a column entitled “How Gold and Art Auctions Can Gauge Stock Market Confidence.” In it, economist and author Vikram Mansharamani asserted one of the world’s best indicators of overconfidence is the performance of a single stock: Sotheby’s. Peaks in the auction house’s stock price, he wrote, have historically coincided with financial and economic exuberance.
