Markets Happy Hour Podcast - July 24, 2025 - Tariffs, Transmission and Tall Tales - w/Jon Chesshire

In this week's Markets Happy Hour Podcast we tackle the mid-summer silly season in which an extraordinary number of "tall tales" and distractions seem to be flooding the zone. Our special guest this week is Jon Chesshire, Managing Principal of Sindia Capital, who is returning for his second appearance on the podcast. One persistent theme is tariffs though, and in analyzing their impact on the economy we are increasingly focused on the new economy/old economy impact, which is diverging sharply. As old economy stocks are wrestling with low margins, low pricing power and heavy exposure to tariff-impacted imports, new economy stocks such as tech stocks and semi-conductor manufacturers enjoy higher margins and seem to be relatively unaffected. This latter group drives the stock market at present, which could be why the stock market is being so stubbornly resilient. We touch on inflation in Europe (falling) as well as interest rates - now on hold everywhere, and re-examine why EM are starting to close the gap with DM. Finally we have some fun with meme stocks of the current era, and ask why they might be surging again. Hint: It has to do with the retail investor. The Markets Happy Hour Podcast is a weekly check-in on market conditions and what it means for investment portfolios. Aoifinn Devitt is an advisor to family offices and institutions around investing for a richer future. She believes that understanding the market context in which we operate is a key part of navigating that future with confidence and agency.