The effective tariff rate on U.S. imports has jumped from 2.4% in 2024 to 10.1%, its highest level in over 50 years. This sharp rise reflects an increasingly protectionist posture and growing geopolitical friction, themes that have dominated headlines as of late. For long-term investors, the takeaway is not to panic, but to pay attention. The impact of trade policy on inflation, supply chains, and corporate margins is real and rising. We continue to monitor these developments closely as they ripple through global markets.
The Fed Is Clueless, Too. And That’s OK
Chair Powell’s recent remarks underscore the uncertainty of today’s economic landscape and the wisdom of acknowledging what we don’t know. In a world increasingly driven by models and predictions, there’s comfort in humility. Flexibility, not false confidence, is what helps investors—and policymakers navigate complex terrain.
A Forecast for the Soul. The World of Interiors.
With cottage season approaching, we’ve been getting more inquiries from clients looking to restore or reimagine their retreats. This Editor’s Letter struck a chord—reminding us that, like a well-loved home, lasting wealth is built with patience, perspective, and care over time.
Notes from Omaha. Berkshire Hathaway's Annual Letter.
Warren Buffett’s 2024 letter reminds us that simplicity, discipline, and trust compound in ways markets can’t always measure. He reflects on decades of decision-making that favored enduring quality over excitement. That’s a lesson we keep close to heart.
Lauer Private Wealth at RBC serves as the investment office for a select group of institutions and families. The practice is centered on multi-asset portfolio management, estate structuring, and intergenerational wealth architecture.
If you enjoyed this edition of Our Insights, please feel free to connect or share, thank you for reading.
Work cited: Berkshire Hathaway, Bloomberg, ChatGPT, The Daily Shot, World of Interiors.