August Charts and Links

Here are some of the writings that caught our attention this past month:

1. Barry Ritholtz, showing some clairvoyance, discussed a court casethat could overturn much of President Trump’s tariffs…
2. …and shortly thereafter, an appeals court ruled most of Trump’s tariffs to be illegal—though the appeals court stayed its ruling and the case is expected to go to the Supreme Court
3. If you like food fights with overripe tomatoes, you should appreciate Spain’s “Tomatina” celebration, as described by Alicia Leon, with an accompanying photo galleryfrom Alberto Saiz
4. Noah Smith wants more air conditioning in Europe
5. Walt Czaicki, Robert Milano, and David Wong examine the divergent 2025 paths of the Magnificent Seven stocks this year: 

The authors argue that investors have approved of high capital expenditures on AI: 

They also note relative differences in vulnerability to tariffs, with Microsoft and Meta having relatively low foreign supply chain exposure.

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This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument or investment strategy. This material has been prepared for informational purposes only, and is not intended to be or interpreted as a recommendation. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice.