Humble Pastry from the stock market

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It’s time to eat a little modest pie. Just a slice, think of you. This covers a rash from the cover from Portadown.

I personally do not know Graham, but it went on the most ugly days of our roads, US shares, Donald Trump shakes global markets in early April in response to super-loaded global trading tariffs.

BBC Radio Ulster has asked the air to explain what happened in the air. The first question: “So Katie, what is the stock market?” (For writing, I love it meaningless. Indeed, it’s not like a stupid question in financial markets.)

In any case, Graham called for sharing his opinion to paraphrase, he probably did not know how the tariffs would be shaken, but when he was a dip in the US exchange, but he did it, and he did it exactly. If I remember correctly, it was lunchtime in London on April 9. The US shares were bleeding in global markets in several days in several days.

Now I didn’t say Graham’s wrong. But I said that investment stressed that I would not advise and never more braver than me. The dip is really tested with a good record of success and tested with a good record, but at this point, the house was not just excellent.

We all know what happened after the hour. Trump pulled back, the shares exploded higher. He was faithful to Graham from Portadown, and he really took the courage to buy (he sounded very determined), has increased by about 25 percent to US shares since our short conversation. Kudos, Graham.

After that, I did not see that the coast was clear in a few days later that the case was only for the purchase and sale of the dip too vibrate for me. Hindsight, especially the most beautiful in the markets, but in retrospect, Trump really made chicken and changed everything. As measured by the S & P 500 blue-chip index, this year this year is growing this year and increased by 7 percent.

“We have this partition,” he said. Vincenzo Vedda, General Investment Officer in the DWS of Germany. “Experts are looking at it and ‘this is incorrect’ and retail ‘you said that experts say to buy the bottom for the last 10 years.”

In any case, they were right. Thus, a slice of modest paste is properly consumed. Tasty.

I still do not eat the rest. This is a fresh and critical view of the United States, the largest investment houses in the markets and really outside the United States. This is the number one subject between institutional investors, and it has been a lot of time to play for years.

Every week, men in Florida with Hotmail, a seductive last correspondent, a charming last correspondent, sends an email to say that it is a “stupid face”. No serious money manager says that they will sell US shares and bonds.

However, this remains the wrong combination of the situation. It is impossible to sell us as a meaningful volume of great investors. The question is not to develop a world we are accustomed to a world where we are developed in the scale we develop, 70 percent of the US shares. Perhaps we will not see 70p from every new pound flowing to a share of shares, 70p in five years, but we will not see anything like 65p or even 60p.

This means a bigger hole heads to Asia and Europe – as small markets as many global investors fled for years. The little surprisingly, in the case of many people in 2025 comfortably preferred the performance of the US shares. This year, several European indices are more than 20 percent. Meanwhile, for Euro-based investors, the continuous fall in the dollar eaten any gain. This year, in the Euro conditions this year, US shares are still 6.5 percent.

It does not matter if any large asset manager does not think about preventing pain or preventing the least hedge, then it is very expensive US shares, global popularity or political risk of subtle introspex.

“We must be free from the mindset in the last 20 years,” he said. “Why can’t we have a larger part of our past because we become a larger part of your portfolio?

Many of the market since the opening months of 2025, the second half of the year and the Poradown received a victory of victory from Portadown. However, the oldest definitions in the financial field are broken.

katie.martin@ft.com