There’s a new hashtag trending on Twitter that I feel is very relevant for myself and all of you as well.

Most of us are already familiar with the tag HODL, it was a misspelling of the word hold on a Bitcoin Forum Post and eventually evolved into a battle cry for crypto-investors.

Behind this idea is a simple message that traders, especially those who aren’t experts, tend to lose money, while those who invest for the future are the ones who end up gaining.

With the cryptomarket down 23% overnight that sentiment is as relevant as ever. But more than that, neither our mood and nor our equity should be entirely hinged on a single market, no matter how promising that market seems.

As Warren Buffet said in a recent interview, “when you’re just looking at the price of something, you’re not investing.”

For me, it’s an encouragement to build up a portfolio. By spreading equity among different stocks, commodities, cryptos, copying, and copyfunds, we can ensure that no matter which sector is performing poorly and which one is doing best, we can continue to see consistent results over time.

Today’s Highlights

Seel + Water = Tariffs

The Euro is Unhinged

Jobs Day on Wall Street

Traditional Markets

President Trump formally adopted his tariffs yesterday. From now on, all steel sent to the US will be subject to a 25% fee and all aluminum will be 10%.

As many expected, the measures were in fact watered down from his original proposal. The tariffs on Canada and Mexico have been temporarily suspended, pending the upcoming NAFTA negotiations, and Trump will also allow other US allies to apply for an exemption, though it’s still not clear on what basis such exemptions would be granted or denied.

The stock markets held up surprisingly well and we did see rises from all three major indices on Wall Street and further gains in Asia this morning.

In these charts of the major indices, we can see the gap down, which is the Cohn Plunge we discussed on Wednesday and subsequent “recovery.”