TMS Insights April 2025: A crisis by design
A two-day fall of this size has happened four times in history: 1987, Lehman, COVID, and now. In this episode of TMS Insights, Ben and Jeremy make sense of the Liberation Day sell-off, and why this one is different from the other three.
In this episode:
- Sweeping tariffs wrong-foot every market at once, in a crisis Ben and Jeremy describe as entirely man-made, which means the solution can be too.
- Bonds rally hard while everything else falls, and why Treasury yields, not the S&P 500, are the scoreboard this administration is watching.
- The recession question, and why the E in the PE can't be trusted if the tariff war drags on for months.
- Valuations swing from expensive to genuinely attractive in a week, with quality businesses caught in indiscriminate selling.
- And why the quiet phones at TMS might be the most encouraging signal of all.
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