We Are Still Heading Into a Bear Market

This isn’t the newsletter piece I had intended or even wanted to write. But given the massive tariff levies, the 90-day pause for non-retaliation and wild market gyrations we are now seeing, events over the last 24 hours have overtaken my plans. As it stands, the S&P 500 just about tipped into a bear market before news that there was a 90-day reprieve caused a huge relief rally. I think there’s still a high likelihood that tariffs against China creates a recession and another collapse in sto