Speaker
Damian Conover
7 bits across the podcasts they've appeared on
Consumer cyclicals are deeply exposed because a high percentage of retail and apparel goods are manufactured in international jurisdictions.
Rather than direct import costs, materials face high vulnerability to broader economic slowdowns and domestic GDP stagnation induced by trade barriers.
Under the base case, the worst-hit sectors like cyclicals see their valuation damage scale back to high-single or low-double-digit percentages.