Unsteady Ground, Unshaken Optimism: 2Q25 Quarterly Commentary

By Brendan Ryan, CFA Prevailing themes. The second quarter of 2025 started with a bang and ended with a whimper. In early April, markets incurred a roughly 20% drawdown[1] on the back of generally large and varied tariffs threatened by the United States on the rest of the World, signaling a major change to the [...]
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