So far, May 2025 has been one of our best months ever, across all equity strategies.
For one, I ignored the President Trump-Jerome Powell death match. Furthermore, it came as no surprise that Jerome Powell and his cast of characters at the Fed left rates alone in early May.
Most of all, I tried to avoid all the noise – more like screaming and yelling – about President Trump and his Tariff policies. I felt like I was in the midst of a Stanley Kubrick movie. He was laying down a line in the sand and then negotiating. That’s his motus operandi. Accept it and move on. Also, I think that his trip to the Middle East was a huge success, both economically and politically (I am sure I will get emails to the contrary).
We also had to endure all the screaming and yelling about what was going on in the US Treasury market, as the longer end of the curve was kissing 5%. I say big deal. The yield curve which the same people were screaming and yelling about inverting, are now quiet because the yield curve is normalizing.
Then last evening Nvidia (NVDA) reported a solid quarterly report and quelled some naysayers about its growth, past and future, while accepting the impact of government-imposed sanctions on sales to China, which in the fulness of time, I think will be moderated.
Also last evening, a court ruled that Trump’s tariff policy violated Federal law. However, we all know that will be challenged in higher courts, so the game continues. Still, the ruling combined with NVDA results are putting some wind at the back of stocks.
My biggest disappointment in May was the failure of the Vegas Golden Knights to make it past the second round of the Stanley Cup Playoffs. Also, while the New York Knicks are still in the NBA Eastern Conference Finals, it appears that they might also disappoint but I can still hope.
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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC was long NVDA - although positions can change at any time. The mention of stocks are not recommendations and may not be suitable investments for your individual situation.
Scott Rothbort is the President & Founder of LakeView Asset Management, LLC, (LVAM) an investment advisor representative, specializing in high-net-worth private wealth management. LVAM is a separate entity of Osaic Advisory Services, LLC, a registered investment advisor.
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