“Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack ‘visibility.’ But where the market can err is in confusing uncertainty with risk.”
– Whitney Tilson
The Through Line: After a fraught first half of 2025 spent grappling with a host of uncertainty-inducing surprises, investors are ready for a bit of clarity. Recent events have settled some issues – and kicked others farther down the path. Still, we think enough visibility is emerging in key areas to paint a constructive portrait for the second half and beyond.
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