UBS On-Air: Market Moves Talking Markets Podcast with Apollo Lupescu of Dimensional Fund Advisors
Aug 27, 2025
Apollo Lupescu, Vice President at Dimensional Fund Advisors, offers insights into the shifting U.S. macroeconomic landscape. He discusses how current legislation and trade policies impact markets, emphasizing that many effects are already priced in. The conversation dives into the exciting investment opportunities presented by the AI revolution, comparing it to the internet boom. Additionally, Lupescu addresses the emotional risks investors face, advocating for collaboration with financial professionals. It's a blend of practical advice and timely analysis!
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Tariffs Already Priced Into Markets
- Markets have largely priced in expected tariff policies, so predictable moves won't move prices much.
- Only unexpected trade-policy shocks would meaningfully shift markets, and those are unforeseeable.
Tariffs Aren't The Dominant Market Driver
- Cross-country returns show tariffs are not the primary long-run driver of stock markets.
- Many other variables and firm-level resilience explain market performance better than tariff narratives.
Companies Learn To Navigate Policy Shocks
- Companies adapt and innovate when policy or trade challenges appear, often emerging stronger.
- That corporate resilience helps explain why markets can rise despite policy headwinds.