Prologue from Nick...

In this issue the main theme is the rather limited effect the Tariff Trauma has so far had on the overall equity market. 

Moreover, now that the implementation of the tariffs has been pushed back 90 days, and the president has stopped talking about having Jay Powell whacked, one may legitimately begin to wonder what the fuss was all about. 

The apocalyptic hysteria of mainstream media, and the resultant historic crescendo of terror in investor psychology, combine to suggest that the recent bearishness may have been somewhat – how shall I put this gently – overdone.

Time will tell. And the uncertainties sown in these last two months – supply chain kinks, downward earnings revisions, and even the "r" word – may become realities. Those concerns, real as they may be, are beyond the scope of this edition of NMI. 
 
I'm simply pointing out that, as always, investors who've been guided by us to stand by their plan are already having a meaningfully more positive experience than people who capitulated in the depths of the panic. And the latter cohort must already be wondering if they made a horrific mistake. (Spoiler alert: they did, regardless of whether the lows are already in or not.)