IBKR Podcasts Are Tariffs the New Inflation?
Oct 20, 2025
Stephen Yiu, Chief Investment Officer of the Blue Whale Growth Fund, shares his insights on how new tariffs could reignite inflation despite market optimism. He discusses the implications of delayed price effects and rising consumer costs stemming from trade tensions. Yiu also explains his recent decisions to sell stocks like Meta and Nintendo due to valuation concerns and demand uncertainty. Furthermore, he highlights the potential of AI winners like NVIDIA and Broadcom and evaluates the slow integration of crypto within traditional payment frameworks.
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Tariffs Can Quietly Reignite Inflation
- New tariffs could reignite inflation through delayed and sticky price effects.
- Stephen Yiu warns tariffs haven't fully hit US prices and may lift consumer costs later.
Size Exposure Around Product Launch Risk
- Be cautious on new product cycles when macro risks rise, as with Nintendo Switch launches.
- Lower exposure if tariffs or weaker demand could reduce unit sales versus high expectations.
Prefer AI Infrastructure Over Ad Spenders
- Ad spend for AI-related projects creates uncertainty for platforms like Meta.
- Yiu prefers being on the receiving end of AI infrastructure spend rather than funding it via ad-driven platforms.