In our last quarterly letter, our focus, relative to market conditions, was on rising tensions between the United States and its global trading partners. Those tensions, coupled with the announcement of U.S. tariffs on specific imports, have led to retaliatory proclamations by multiple countries who have all expressed dismay at the hard line approach the U.S has taken. The result is that we are now witnessing an even more adversarial environment than we had at the start of April. Read More