Tariff Troubles

+ Goldman Sachs on Bear Markets, Paul Donovan, Francis Rochon, James Aitken, David Nadig, Jeff Ptak & More

Author

The Idea Farm
April 13, 2025

Sponsored by

“You never know what worse luck your bad luck has saved you from.”

— Cormac McCarthy

Research

Goldman Sachs puts the current bear market into historical context and explains why the case for diversification remains strong given the trends of less globalization, higher budget deficits, higher cost of capital and constraints on corporate profit margins.

Given drawdowns are inevitable and will cause pain, Henry Neville shares five things to think about beforehand.

Hamilton Lane - Market Overview 2025: What, Me Worry? (120 pages)

Hamilton Lane gives an update on private markets and future expectations for returns, liquidity, M&A, fundraising, and more.

Forerunner VC shares a comprehensive update on the state of the consumer, covering health and wellness, security, and Generative AI, and where they see investment opportunities around each of them.

Bonus Content

Are volatility targeting funds in the equity space worth the higher fees? Link

Harvard Business Review explains why a better understanding of power laws would improve how we make decisions and handle risk. Link

James Aitken suggests you should be like the 1% of market participants who are calm, confident, energized, focussed, knowledgeable, anticipatory and always in control. Link

Altimeter’s Thomas Reiner shares an update on stock-based compensation and says that “we’ll likely look back at the 2020-2022 time frame as the golden age of employee equity compensation, especially at the big tech companies.” Link

As of April 1, 2025

Apply Principles of Value Investing to Fixed-Income

The Cambria Tactical Yield ETF, TYLD, invests tactically across a variety of fixed income sectors and REITs based on yield spreads to U.S. Treasury Bills.

  • When yield spreads are narrow, TYLD intends to hold U.S. Treasury Bills.

  • When yield spreads are sufficiently wide, TYLD intends invest and hold positions in various global fixed income sectors and REITs.

Apply the principles of value investing to fixed-income with the Cambria Tactical Yield ETF, TYLD.

Distributed by ALPS Distributors, Inc. Investing involves risk, including possible loss of capital. To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

Podcasts

3/26/2025 - 27 minutes

David Nadig discusses exotic ETF offerings which may leave investors without the exposure and protection from issuers they think they are.

3/27/2025 - 56 minutes

Ptak covers major new trends affecting the mutual fund and ETF industries, with a special focus on the exponential growth of actively managed ETFs.

What Else Is Happening