It’s often hard to tell the difference between relevant market information and noise. That’s why every quarter our Market Observations newsletter lets you know what articles our advisors are using to form ideas and shape opinions. Take a look at what caught our eye this quarter!

MESIROW

Tariffs and market impact

Following President Trump’s tariff announcement on April 2, Mesirow shared some perspectives on the announcement and market reaction along with ideas for how to navigate periods of uncertainty. The announcement policy turned out to be much more drastic than markets expected, resulting in sharp selloffs across most equity markets. Though the full impact of the change in trade policy is still undetermined, we continue to believe in staying focused on core investment principles around owning high-quality businesses at reasonable valuations, a practical asset allocation based on your specific financial goals and risk tolerances, and diversification across asset classes.  MORE >

WALL STREET JOurnal

Four questions you should ask to combat the market chaos

Human nature leads us to weigh recent information heavily in our decision-making process. So, when volatile markets, like those in early April, suddenly interrupt periods of relative calm, the "drastic changes in market prices can make you feel you need to respond with drastic changes in your own portfolio." However, investing is a much different activity than responding to the natural stimuli for which our brains have been hard-wired. A successful and sustainable investing approach requires the ability to zoom out to focus on longer-term factors. In this column, the Wall Street Journal's Jason Zweig suggests four questions for investors to ask themselves to re-orient their time frame before making changes to their investment approach.  MORE >

first eagle investments

A world of tariffs

Following November's election, markets had begun to price in an expectation of tariffs — a major campaign promise of President Trump. Even still, the Rose Garden announcement managed to spook global stock and bond markets as the magnitude of the trade policies announced were far more extreme than what most had anticipated. In this commentary, the team at First Eagle Investments looks at both the short-term responses to the announcement (some of which varied significantly from what economic theory would predict) as well as the possible long-term implications of our evolving trade policy. To some extent we are sailing in uncharted waters, and that can make the exact economic path difficult to predict or price. Subsequently, First Eagle suggests assets and investments that, "demonstrate resilience across multiple states of the world represents a favorable investment path forward." MORE >

morningstar

Why veteran fund manager Steve Romick isn't 'leaning in hard'

The market sell-off that began in mid-February led markets to markets that, while down significantly from their peaks, still traded at historically elevated levels. In this interview with Morningstar, FPA's Steve Romick mused that while, "valuations are down from where they were at the beginning of the year and a little bit further from their peak, it’s not like they’re giving stuff away." As a result, he's responded with some select adjustments in his portfolio but hasn't yet leaned hard into buying the dip. In this interview Romick discusses the shifts that he made in his portfolio in advance of this decline and touches on the price levels that would indicate a favorable risk versus reward scenario for investors to load up on stocks. Romick suggest investors focus on a long-term horizon, reminding them that, "This too shall pass. You have got to look down the road," because if you don’t, "understand your own psychology.. you’re gonna be buying or selling at exactly the wrong times." MORE >

Published April 2025

Mesirow has no affiliation with any of the sources referenced in this article.