In the fall of 2020, I remember reading about a massive wildfire in the Sierra National Forest in California. Wildfires are sadly not unusual, but the strategy used to stop this one stood out. Fire crews set a twenty-five-mile backfire, one of the largest in the state’s history, to burn toward the main fire and stop its advance when nothing else was working. I was impressed by the ingenuity of the approach and learned it’s a highly technical method rooted in thousands of years of firefighting experience, ultimately giving rise to the phrase “fight fire with fire.”
Earlier this year, many investors felt a similar sense of uncertainty when the capital markets dropped sharply following the administration’s announcement of broad tariffs. Investors were understandably concerned. I shared with clients that in my 31 years in this industry, I had never seen this exact scenario, nor had anyone else, and that we would take the necessary time to assess rather than react impulsively. I was struck by how quickly many economists projected the worst-case outcomes: recession, surging inflation, and continued market deterioration. It left me wondering what past experiences they were relying on to make those predictions so quickly.
Since those announcements, here are the key data points that actually emerged:
- Approximately $850 billion in net foreign purchases of U.S. assets since April1
- After bottoming on April 8, the S&P 500, Russell 2000, and Nasdaq rose 26.3%, 33%, and 37.6% respectively over the next six months2
- Jobless claims reached a seven-month low in November3
- The Consumer Price Index increased 3% year-over-year4
Taken together, these numbers show a far more resilient picture than the early forecasts suggested.
When I spoke with many of my business-owner clients affected by the tariff announcement, they immediately shifted into “stealth mode,” developing strategies not only to manage the short term but to position themselves for long-term success. As a fellow business owner, I respected how directly they faced the challenge. It reminded me of something one of my professors at Lehigh used to say: analysts find problems; engineers find solutions.
More broadly, creativity and ingenuity are what move us forward, whether in business, academics, athletics, finance, or even fighting wildfires.
I’ll end with a reminder from Olympian Bob Richards: “Every single day, in every walk of life, ordinary people do extraordinary things.”
Craig Robson, CFP®, CIMA®, CDFA®
Founding Principal and Managing Director
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1 Why Do Foreigners Invest in the US? APOLLO ACADEMY, by Torsten Slok, November 27, 2025 https://www.apolloacademy.com/why-do-foreigners-invest-in-the-us/.
2 Bespoke Report, October 10, 2025, page 3.
3 Jobless Claims Fall to Seven-Month Low as Employers Hold the Line on Layoffs. BREITBART, by John Carney, November 26, 2025 https://www.breitbart.com/economy/2025/11/26/job-claims-fall-to-seven-month-low-as-employers-hold-the-line-on-layoffs/.
4 BLS, October 24, 2025, page 1.