The Long View Cullen Roche: What Tariffs Mean for Your Portfolio
11 snips
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.
AI Snips
Chapters
Books
Transcript
Episode notes
Misunderstandings About Tariffs
- The U.S. free trade system benefits the U.S., reflected in its wealth and global stock market share.
- Manufacturing employment decline is structural, unlikely to reverse even with tariffs, worsened by automation and AI.
Potential Justifications For Tariffs
- Tariffs might be effective as negotiating tools to influence foreign trade policies.
- National defense reasons for tariffs exist, but do not justify economic drawbacks of protectionism.
Tariffs Hurt Consumers Broadly
- Tariffs protect specific sectors but act as an invisible tax on consumers by raising prices economy-wide.
- Tariffs tend to be regressive, hurting middle and lower income groups more than the wealthy investors.
