Part 2/13:
The speaker begins by emphasizing a defensive stance in the current economic climate, a position maintained since the beginning of the year. Interestingly, this stance isn't rooted in an anticipation of a market collapse but rather in the complex repercussions of political and economic decisions taken recently. The initiation of a tariff and trade war policy under former President Trump triggered market turmoil, prompting swift capitulation by Trump himself when the bond market signaled distress. This back-and-forth has left the markets in limbo, with tariffs escalating to 10% across most sectors and a staggering 30% with China—a sixfold increase from last year's levels.