The Long View
Cullen Roche: What Tariffs Mean for Your Portfolio
Apr 22, 2025
Cullen Roche, founder of the Discipline Funds and author of 'Pragmatic Capitalism,' returns with insightful perspectives on tariffs and their effects on investment portfolios. He critiques U.S. tariff policies, highlighting misconceptions around trade and job loss. The discussion shifts to the importance of long-term strategies and global diversification to manage risks. Roche also teases his upcoming book, 'Your Perfect Portfolio,' aimed at helping individuals develop personalized investment strategies tailored to their goals.
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Quick takeaways
- Current U.S. tariff policies often misinterpret the global economy, highlighting the contradictions in perceptions of exploitation versus economic strength.
- While tariffs can temporarily support certain sectors, they impose broader economic costs that may hinder overall growth and impact consumers negatively.
Deep dives
Impact of Tariffs on the Economy
Current U.S. tariff policies are criticized for misconstruing the complexities of the global economy. It is argued that the United States has historically leveraged free trade to enhance its own economic standing, contradicting the narrative that it is being exploited by other nations. Data shows the U.S. remains an economic powerhouse, controlling a significant share of global wealth, and while manufacturing jobs have decreased, new sectors like tech and services have emerged as more predominant. The persistent focus on reviving manufacturing is seen as futile, especially with advancements in AI and automation likely to reduce manual job opportunities further.
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