2025 Mid-Year Letter: Tariff-ied

In "Tariff-ied," I explore the market and real-world impacts of President Trump's new tariff policies by analyzing two hypothetical cases as well as one real one, General Motors second quarter earnings.  I also delve into a recent return trip to Asia, specifically Hong Kong and Tokyo.  I highlight an interesting business booming in China and argue that improvements in Japan's corporate governance have shifted the prospects for investing in the country for the better. Japan remains a key research focus area moving forward.

As always, I look forward to hearing your thoughts, comments, and criticisms.

Please feel free to share this letter or reach out to me for further discussion by replying to this email or reaching out on Twitter: @conover_ab.

Thank you,

Andrew C. Burns, Jr.

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