“The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.”
– Warren Buffett
The Through Line: The thirst for certainty has reached fevered proportions, yet the very opposite may prevail for at least a few more months even after U.S. President Donald Trump’s April 2 announcement of sweeping tariffs on virtually all trading partners. In light of the ambiguity – and the dislocations in business activity it is starting to cause – pundits have tempered expectations for GDP growth while simultaneously nudging inflation estimates higher. Though disconcerting in the short run, periods of uncertainty can tee up new opportunities on the other side.
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