Below is a link to a recent BBC article - that we had the honor of being interviewed for - with commentary from us on what the tariffs could mean to Nike and the footwear industry: BBC - Nike and Tariffs

What a Week: Let’s Unpack It It’s been a roller coaster in the markets this week - sharp declines, sharp rebounds, and a fair bit of investor whiplash. But amid the headlines and volatility, there are a few key themes worth highlighting. Equity Markets The biggest jolt came midweek when markets staged a strong bounce on Wednesday. What changed? President Trump announced a 90-day pause on proposed tariffs, easing tensions and giving the market a breather. That news helped shift sentiment, and we saw equities snap back after several tough sessions. This week, the S&P 500 surged over 9%. However, since the tariff announcement after market close on April 2nd, the index remains down more than 5%. Bond Market On the fixed income side, the bond market is telling its own story. The 10-year Treasury yield has been rising, signaling renewed expectations around inflation, future Fed moves, or simply a re-pricing of risk. For investors with balanced portfolios, this matters - rising yields affect not just bonds, but also equity valuations and borrowing costs. Volatility Finally, it’s worth remembering that volatility, while uncomfortable, has often paved the way for strong market recoveries. Historically, when the CBOE Volatility Index ’VIX’ (which simply shows how concerned investors are about the stock market going up and down in the near future) spikes above 40, a level it hit earlier this week, the S&P 500 has averaged a 30% gain over the following 12 months, with a 95% likelihood of a positive return. The VIX reached as high as 60 midweek before pulling back to around 44 by early Friday. While past performance doesn’t guarantee future results, it does offer helpful perspective during turbulent times. Keeping Perspective At times like these, it’s important to remember that market volatility is not unusual and it’s part of the investing. As always, we’re keeping a pulse on the market, keeping our long-term view in mind while watching for short-term shifts. If the recent swings have raised questions or you’d just like to talk through your portfolio, we’re here. Don’t hesitate to reach out. Sometimes a quick conversation can go a long way in bringing clarity and confidence. We also know this kind of market movement can feel unsettling - and you're not alone in that. Just know that we’re here for you, and we’re always ready to talk things through whenever you need.

Markets Took a Hit Yesterday and They're Still Sliding Today. Here's What to Know. The markets had a tough day yesterday and unfortunately, the selling hasn’t let up much today either. To recap: on Thursday, the Dow fell about 1,500 points (roughly 3.5%), while the S&P 500 and Nasdaq were down 4% and 5%, respectively. The Russell 2000, which tracks smaller companies, dropped nearly 6% and officially dipped into bear market territory. Today, markets are still under pressure as investors digest the impact of what sparked all this: a sweeping new round of tariffs announced by President Trump. What’s Going On? President Trump rolled out a plan to impose “reciprocal tariffs” on imports from over 180 countries. The goal, according to the administration, is to level the playing field claiming that many countries charge the U.S. more to import goods than we charge them. Here’s the short version: A 10% baseline tariff applies broadly, but many countries are facing much higher rates. China is now subject to a 54% total tariff when you include previous rounds. The EU is hit with a 20% tariff, Japan 24%, India 26%, and Vietnam tops the list at 46%. Others, like the U.K., Brazil, Singapore, and Australia, are seeing the baseline 10%. The market wasn’t expecting anything this aggressive, and the sharp reaction reflects concerns about rising costs, slower global trade, and the potential for an economic slowdown. Who’s Getting Hit the Hardest? Some sectors and companies are feeling the pain more than others: Retailers that rely on cheap imports saw massive drops Big international players like Apple fell hard as well, even if their direct exposure to tariffs is limited. Tech in general is having a rough stretch, as it usually does during high-volatility periods. Smaller companies, especially those more exposed to cost swings, were heavily sold off. That said, not everything was red: Real estate investment trusts (REITs) held up better than most. With bond yields falling, some investors shifted into interest rate–sensitive sectors like real estate. International companies with minimal exposure to the U.S. weathered the storm relatively well. Fixed income has held up relatively well considering a drop in the 10-year treasury rate touching 4%. What Happens Next? That’s the big question and part of the reason markets are still sliding today. There’s a lot of uncertainty around how long these tariffs will last, whether other countries will retaliate (China already has with a 34% tariff announced today) and how all of this plays into inflation, interest rates, and the broader economy. Bottom line: we’re in wait-and-see mode, and markets don’t love uncertainty. What Should Investors Do? Here’s our advice: don’t panic. Sharp drops like this can be unsettling, but they’re not unusual and reacting emotionally usually does more harm than good. During times like this, it can be difficult to see through the uncertainty. Something to keep in mind….Since 1975, the 50 best stock market days were preceded by an average market decline of 6.7% over one month and 10.2% over two months. If you’re a long-term investor, days like these are part of the journey. And if you’ve got cash on the sidelines, there may be some solid buying opportunities emerging. And if you’re unsure what your next move should be? That’s okay, too. Sometimes the smartest play is to sit tight, stay diversified, and not let short-term noise throw you off your long-term plan. As always, if you want to talk through what’s going on or explore any opportunities, we’re just a call or message away.