Tariff Uncertainty and Stagflation Fears

Is a reset in investor expectations warranted?

Hi fellow subscriber!

Welcome to another bi-weekly presentation! In this episode, we’ll highlight:

• The impact of tariffs on the retail industry and what they mean for the market more broadly;

• What we can learn from the recent steep drawdown in Wolters Kluwer and Lotus Bakeries shares. Turnarounds in valuations are unpredictable, both the timing and their magnitude. In the end, though, operating excellence outweighs the short-term noise, making these drawdowns look like nothing more than just a blip.

• Reviewing the recent earnings reports from AutoZone and Constellation Software. We’ll recap the main items, and highlight why the excellent compounders’ biggest enemy is their own track record.

  

  The presentation can be watched below, including the usual transcript and slide deck.