Transcript
Introduction
Matt
All right, Eric, we are back. We are recording this with 35 minutes to go in the second quarter, so we're getting a head start before the official end. But it's been a fascinating quarter. As I went through the data, one of the most interesting things to me, which I wouldn't have otherwise realized, is we're about to end with the market. I'm quoting the S&P up 10% for the quarter, but if you just look at that 10 years from now, you'll say, oh, the second quarter of 2025 was a pretty solid quarter for the market, missing the point that it was down 10% in the first two weeks, which is when we recorded our last quarterly.
So just take that as an initial launching point to talk about what's been going on for the past three months and the environment.
Eric
I think anyone who's been in the investment game long enough has known that the headlines and the idea of what's going to happen versus market expectations, it's probably the most important thing people think about. There's a joke, what's priced in? And someone will say, everything's priced in. But I think the headlines, especially as Twitter has grown as the massive medium with which people transfer information and then the feedback loop that the mainstream media is on Twitter following the same headlines, is that when headlines pick up, it's common to say, okay, tariffs are coming, it's awful, and the market's anticipating this and everything's going to be a disaster.