In our most recent quarterly letter, we discussed how the global economy was still growing despite several macro headwinds. Since August 1 st , when President Trump announced additional tariffs on $300 billion of Chinese goods, investors have been deluged with news of disappointing economic data, currency manipulation, and yield curve inversion. As a result, growth concerns are back and weighing on risk sentiment, which is causing a spike in volatility for equity markets. Recent economic data indicates that certain international economies are slowing more than originally forecast. Germany and
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