by Tom Bradley

The market response to President Trump’s 'Liberation Day' was decisive. Economic growth forecasts were slashed, earnings estimates reduced, and stock prices dropped sharply.

After dramatic days like April 3, the volume of commentaries explodes, while the quality of explanations declines. There is not a lot we can say at times like this that will make your concerns totally disappear. What we can tell you, though, is the defensive moves we’ve made in our funds over the last few months (which have benefited your portfolio) are behind us. Now, we’re closely watching how it plays out and getting ready to shift back to offense.

We’ll have a lot more to say in our Quarterly Report which will be out on Monday, along with your account statement, but here are a couple of advance clips.

From Bradley’s Brief: "Our funds will feel the tariff downdraft, but not as much as the headlines suggest. And importantly, they’re now in position to take advantage of any price weakness and growing bearish sentiment."

From the fund commentaries: "Founders [Fund] has been playing defense for a while now. We expect to shift back to offense in the coming weeks and months. The economic dislocation caused by the trade war will have a real impact, but many stocks will overreact. Lower valuations and fearful investors will provide opportunities to profitably allocate more of the fund into stocks."