Episode 118 – Adapting to Uncertainty: Tariffs, taxes, and tech's changing map

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, shares what she is telling clients about the current level of uncertainty particularly in relation to tariffs, taxes and changes in technology. (1:17) What are you saying to clients about this level of uncertainty? (3:56) So given that, are you less worried that the trade war and Trumps tariff policies will be the thing that kills this market? (6:40) So uncertainty is just something we need to accept? (7:39) There's this worry you sometimes hear that governments will "go broke in an AI world" because traditional tax bases will erode. Is that real do you think? (9:03) And we're already seeing signs of that, right? (10:28) I would imagine Jeff Bezos didn't help the cause of his billionaire friends by have such a lavish, opulent wedding. And the US just passed its own big fiscal bill. (11:03) So neither the US or UK are tackling the long-term revenue challenge head-on. (12:23) But in the meantime, government debt levels continue to grow. I am reminded of the old adage, how do you go bankrupt, first slowly then quickly. (14:13) Global equities have done well. Bonds have been relatively well behaved. What's behind this resiliency? (15:19) Earlier this year, everything felt like it was about Big Tech and AI megacaps. Has that changed at all? (16:15) So that means investors might start looking outside the US for tech exposure