Thomas Parry Jones
United Kingdom
1m
Subject: Market Update Dear investors, Markets moved lower over the past week without any clear fundamental driver. This appears to be a short-term pullback, largely driven by stretched AI valuations and further amplified by a well-known “Big Short” investor announcing a short position on social media. Separately, tariffs are now under review by the Supreme Court. Even if they’re ruled illegal, I don’t expect a meaningful policy shift – Trump would likely use alternative acts to reapply tariffs. While we could see a brief market uptick if tariffs are rolled back, that scenario could also increase pressure on U.S. debt levels, which might be viewed negatively by investors. In light of this, we’ve continued to tilt our exposure slightly toward financials versus tech. I don’t plan to add further to tech holdings at this stage, as the sector already represents a significant portion of the portfolio. Thanks, TJ
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