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My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Invest Like the Best
(00:00:07) Understanding Tariffs: Historical Context and Rationale
(00:01:05) China's Role in Global Trade
(00:01:54) Impact of Automation on Jobs
(00:03:07) Trump's Trade Policies and Their Implications
(00:04:20) Challenges with Current Tariff Approaches
(00:05:37) Global Trade Imbalances and Misconceptions
(00:06:07) Market Reactions and Economic Consequences
(00:21:35) Political Shifts and Economic Policies
(00:25:56) Trump's Economic Policies and Wage Stagnation
(00:26:42) Tariffs and Their Impact on Small Businesses
(00:27:20) Market Reactions and Economic Surprises
(00:28:41) Equity and Credit Market Dynamics
(00:30:59) China's Strategic Moves and Market Implications
(00:33:49) The Fed's Role in Economic Stability
(00:39:00) Global Trade Relations and Soft Power
(00:49:08) Negotiating with Trump: Strategies and Challenges
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In this quarterly market recap, Matt Reustle turns the mic on Eric to analyze the tumultuous market environment of Q1 2025. They discuss the significant market downturn following the implementation of unexpected tariff policies, with the S&P down over 8% and Nasdaq down 12.5% by mid-April. Eric provides insights into how surprisingly high tariff announcements completely upended market expectations, the bond market's volatile reaction, and potential implications for corporate earnings and economic growth. The conversation explores the complex relationship between the US and China, concerns about capital flight, the Fed's challenging position between inflation and growth concerns, and how political decisions are creating unprecedented uncertainty in global markets.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:01:04) First Quarter 2025 Market Recap
(00:02:10) Market Reactions and Expectations
(00:07:09) Tariffs and Trade Tensions
(00:08:51) Impact on Global Trade and Economy
(00:21:14) China's Role and Market Dynamics
(00:24:31) The US-China Economic Strategy
(00:25:10) Trump's Tariff Tactics
(00:26:50) The Federal Reserve's Focus
(00:28:11) Impact of Tariffs on Inflation
(00:29:53) Negotiation Strategies and Global Trade
(00:32:52) Market Reactions and Investor Strategies
(00:41:32) Private Credit and Equity Concerns
(00:43:14) Political Shifts and Tariff Policies
(00:44:16) Future Outlook
Learn more about your ad choices. Visit megaphone.fm/adchoices
