Well, my phone's been lighting up all day, hearing from friends and family wanting to know,

what do we do? What do we do? Do we sell everything? There's a certain panic in the air.

And let's face it, Wall Street and foreign investment markets are having a nervous breakdown today.

And there's a reason for that that I've talked about, and that is tariffs are unbelievably

disruptive and almost always lead to economic hardship in the country that imposes the tariffs and in other

countries the trading partners that the tariffs are imposed on.

But I want to say this to you.

A tariff is clearly just a tax.

And who pays that tax? Not the foreign country,

not the business that's bringing stuff in from a foreign country.

You and I pay the tax.

And so what you're seeing on Wall Street,

and today may be just a panic kind of day,

and over time you will see Wall Street analysts, today may be just a panic kind of day.

And over time, you will see Wall Street analysts, investment analysts, lower their expectations for our economy and other economies.

And we stand on the precipice of the danger of having what's known as stagflation, where we have both more

inflation and lower economic activity. Now, whether it's going to be a recession or not,

a lot of debate about that. The odds of a recession, 50-50 at this point. And long-term, there are significant consequences to the United States.

And I know the president pitched this yesterday as being just a straight-out positive, and what a great great thing and look what we're doing to make

America wealthy and all that. And that's a perspective. But obviously economists and investment people

overwhelmingly disagree. And the reasons are quite many, and I'm going to go in full

on a podcast next week about that. But I want to tell you, do not panic sell your investment holdings.

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