Quarterly Letter
7 min read | Uncertainty surrounding President Trump’s tariff policies, the release of DeepSeek's AI model, and mixed economic data fueled a turbulent first quarter. The strong confidence in US economic and market "exceptionalism" at the start of the year quickly shifted to pervasive uncertainty. International markets significantly outperformed US equities, with the “Magnificent 7” suffering one of their worst quarters on record, and markets broadened out from narrow technology stock leadership.
