⁠Quiver Quantitative
BREAKING: Trump is signing an executive order to extend the TikTok ban deadline.

The bill passed by Congress required that it be sold by April 5th.

It was passed by an overwhelming majority then, but I'm doubtful that anyone is going to fight the extension too hard.
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⁠The Kobeissi Letter
BREAKING: President Trump says that he understands "China is not very happy about our reciprocal tariffs."

The "World War 3" of Trade Wars Has Begun:

Americans are waking up to the first MAJOR tariff retaliation against President Trump.

China has announced 34% tariffs on ALL US goods with the S&P 500's 2-day losses now at -$3.5 TRILLION.

Here's what just happened.

(a thread) https://t.co/snIbLMV24D - The Kobeissi Letter
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⁠Hidden Value Gems
The day you wished you ran a dentistry …and it was not quoted 🙂
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⁠Finding Compounders
Li Lu explains a concept from Charlie Munger that a few investor truly understand .

Must read https://t.co/iOiwxYFpmB
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⁠The Kobeissi Letter
BREAKING: The Dow is now down -2,000 points on the day as the tariff selloff worsens. https://t.co/CCAfQAFdxz
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⁠The Kobeissi Letter
BREAKING: The S&P 500 falls below 5,100 for the first time since April 2024.

Now just 70 points away from a circuit breaker activating for the first time since 2020. https://t.co/QhYQ3r9DOR
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⁠App Economy Insights
$MSFT Microsoft turns 50 today.

Here’s how they make money—visualized. https://t.co/R4xgk8fIfL
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⁠The Kobeissi Letter
BREAKING: The S&P 500 is now down -6% on the day and 1% away from a 15 minute trading halt.

If a halt does NOT occur before 3:25 PM ET, there is no halt mechanism into the close.

Between 3:25 PM ET and 4:00 PM ET, markets CANNOT be halted. https://t.co/1xpBNLTAC6
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⁠The Kobeissi Letter
Here's the real question:

President Trump says China was charging the US 67% tariffs BEFORE his reciprocal tariffs were announced.

Then, President Trump charged China a 34% tariff rate on Wednesday.

Today, China tariffs all US goods by 34%, and assuming this is on top of the 67% claimed by Trump, that's a total of 101%.

What does Trump do now?
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⁠Hidden Value Gems
Every crisis brings an opportunity. Companies that could benefit from the US reshoring. Just high-level ideas without valuation considerations:

1. Industrial Equipment & Construction

Caterpillar $CAT – Heavy machinery for construction and mining

Emerson Electric $EMC – Automation and industrial equipment

Eaton Corporation $ETN – Power management, electrical systems

Rockwell Automation $ROK – Factory automation and control systems

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2. Engineering, Procurement & Construction (EPC)

Fluor Corporation $FLR – Engineering and construction for industrial projects

Jacobs Solutions $J – Engineering, design, and consulting for infrastructure

KBR Inc $KBR – Industrial and government project contractor

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3. Building Materials & Steel

Nucor Corporation $NUE – Steel production, strong US presence.

Steel Dynamics (STLD) – US-based steel producer

Martin Marietta Materials (MLM) – Aggregates and materials for construction

Vulcan Materials $VMC – Concrete and construction aggregates

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4. Industrial REITs (Real Estate Investment Trusts)

They benefit from increased demand for logistics, warehouses, and manufacturing space:

Prologis $PLD – Warehouses and industrial logistics properties

Rexford Industrial Realty $REXR – Focused on Southern California industrial properties

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5. Automation & Robotics

More expensive labor in the US incentivizes automation investments:

ABB Ltd $ABB – Robotics and automation (dual-listed: NYSE and Swiss)

Teradyne $TER – Industrial automation and robotics systems

Autodesk $ADSK – Design software for manufacturing and construction

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6. Domestic Manufacturing & Suppliers

Companies likely to gain from localizing supply chains:

3M $MMM – US-based industrial conglomerate

Illinois Tool Works $ITW – Diversified industrial products with US base

Parker Hannifin $PH – Motion and control technologies, mostly US-based
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