Letter From The Editor, John Norris
At the beginning of the 2nd quarter, many people questioned how things could get any more chaotic than they were in the first. It didn’t take long to find out.
On April 2, speaking from the White House Rose Garden, President Trump announced a broad slate of tariffs on the remainder of the world. The larger the U.S. trade deficit with an individual country, the higher the tariff. Everyone, however, got at least a 10% tariff, as the president exercised authority under the International Emergency Economic Powers Act of 1977.
Let’s just say the markets’ reaction wasn’t very positive. According to data from the Federal Reserve Bank of St. Louis (FRED), the S&P 500 fell from 5,670.97 at the close of trading on April 2 to 4,982.77 at the end of April 8. That is roughly a 12.13% principal decline over four trading sessions. Obviously, that wasn’t a lot of fun.
Then came the waiting game.
We spent the remainder of the quarter agonizing over tariff announcements, parsing the president’s social media posts and speculating about the Federal Reserve’s next move. Would it cut the target overnight lending rate again? If not if, then when?
Read Our Letter from Chief Investment Officer
Scroll below for individual article highlights
Third Quarter Predictions
Tariff trade-offs, easing home prices, expected rate cuts, geopolitical tensions and brewing pressure in the beer industry top our Investment Committee’s list of predictions for the remainder of 2025.
Second Quarter Equities
It was a quarter full of reasons to panic— tariffs, tech volatility and talks of recession. And yet, the market did what it often does: climbed the wall of worry. But how much higher can it go?
Key Takeaways from Q2
Rising tariff threats took center stage, unsettling consumers. Trade tensions spiked, the dollar slid and gold soared. While uncertainty lingered, markets shrugged, tech rebounded and the Fed held firm on rates.
Second Quarter Asset Allocation
Second quarter 2025 brought plenty of turbulence—but also opportunity. Our Investment Committee leaned into flexibility, rebalancing portfolios with a long-term view while staying nimble amid sharp market swings. Here’s how we positioned for what’s next.


Special Report: Trade, Tensions and Trump
From “Liberation Day” to record market highs — what Trump’s second-term trade policy means for investors, businesses and consumers.


Special Report: Iran’s Role in the Global Energy Market
Resource-rich but revenue poor, Iran remains one of the most underappreciated forces in global energy — and one of the most disruptive when tensions rise.