PRICING IN A GLOBAL RECESSION

The 'tourist unwinds much of his US stock market short position and tries to find ways to play the upcoming rally in the rest of the world

Friday, the market accepted that Trump really does like tariffs. It took some convincing, but they finally got the message. At this point, there is no sense discussing the problems with tariffs. The time to think about that was a month or two ago when few believed that Trump would actually do what he said. There is even less sense trying to hedge your p…