Evercore's Emanuel: Not Really the Time to Add to Risk
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Julian, you and the team and Sarah over at Evercore, nailing it as always. So how bullish do you really want to be after this? I think you need to be sort of step back and understand that a lot of this is sort of a game of tariff high low. Right. So at the bottom, when we saw capitulation, panic, really, and the global weighted tariff rate based on Liberation Day was well above Smoot-Hawley, 25% or thereabouts. You know, we thought it was a good time to buy. And frankly, now here we are on the other end of it with this court ruling overnight. And the tariff rate is, you know, implied back towards, you know, close to what we started the year at that, you know, certainly for sub 5%. And we know that Trump has said many, many times how much he likes tariffs. So the ultimate landing spot is still in the middle. And to us, you know, you've got an expensive market with a relatively high degree of uncertainty, and it's not really the time to add to risk in our view.
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