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Hedge Clippings | 06 June 2025 The minutes of the RBA's May meeting, released this week, revealed the board's focus on the uncertainty surrounding Donald Trump's Liberation Day tariff policies. Like everyone else, it isn't easy to know what the impact will be when Trump himself can't seem to make up his mind what they'll eventually be. What is generally accepted is that the outcome won't be positive for most countries, including ironically, the USA, even though Trump and his White House media team won't have a bar of that view. At a well-publicised event at a steelworks this week, Donald was promising workers the world - or his simplified version of it. Elsewhere some people with a long track record of really understanding (and working) in the real world, including Jamie Dimon from JP Morgan, when warning of an impending crack in the bond market, were pointing to a different kind of outcome. Even Trump's biggest reciprocal fan, Elon Musk, has joined the chorus of criticism. Now no longer head of DOGE, Elon seems free to speak his mind, including claiming that Trump was named in the Epstein files to confirm his point. Having reportedly spent $300m helping the Human Headline make it to the White House for the second time, and watching a decline in the price of Tesla since his inauguration in January, we wonder if he still thinks it was a good investment? Now it turns out there's a full-scale war of words between the two on their respective social media platforms, it could get even uglier. Somehow it feels like Trump's presidency is turning into something we might watch on Netflix, which would be entertaining if it wasn't so serious. Enough of Elon and Donald's personal issues. What was also on the agenda this week was a phone call between Washington and Beijing, possibly indicating some kind of tariff truce might be possible, while there seems no such backing down by either, or any, party over Ukraine's future. One wonders how many crises - personal or global - Trump can manage at one time? News | Insights The big issues for investors coming out of Washington | Magellan Asset Management Sports Investment: The New Frontier of Alternative Assets | Altor Capital Instant Everything: The New Retail Revolution | Insync Fund Managers May 2025 Performance News Glenmore Australian Equities Fund Bennelong Emerging Companies Fund |
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