Best Progressive Equity Research Ltd Podcasts (2025)

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Talking Tech - Episode 26 14:59

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4d ago14:59

14:59

This week George and Ian canter through the newsflow of recent weeks, Bytes, Accesso, Northcoders and Hostelworld. Is Bytes broken? No, but its reputation has taken another beating. Hostelworld’s direct marketing expense reminds us why many startups sometimes feel they are just working for Google. Reflecting on Salesforce’s recent wins with the US …

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Week Ending 11/07/2025 - Trump raises the tariff temperature but risk assets continue to dance 14:58

7d ago14:58

14:58

This week, Gareth and Jeremy discuss how an emboldened Trump has raised the tariff temperature while also considering the potential for a version of the future to be one of US economic growth. But whatever the path forward, Paul Tudor Jones' mantra, that all roads lead to inflation, seems increasingly appropriate. Risk assets continue their march h…

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Week Ending 04/07/2025 - A better week for Trump than Starmer & Reeves 14:51

14d ago14:51

14:51

Jeremy and Gareth discuss the week's macro market news and developments, comparing the plight of the Trump and Starmer administrations, which are six months and a year in, respectively. The differing outcomes, at least in part, reflect the degree to which the bond markets constrain the UK government more than the US. We are halfway through 2025 and…

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Talking Tech - Episode 25 24:34

16d ago24:34

24:34

George and Ian catch up on events in and around the UK small and mid-cap listed tech. Visma – potential London IPO. Parallels with Sage are inevitable. Visma has grown through acquisition but still delivers on organic growth. It does not, however, scale per the SaaS storybook. A judgement in store not just for London vs the world but PE valuations …

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Week Ending 27/06/2025 - Bitcoin's Magic Money Tree 14:52

21d ago14:52

14:52

WW3 is over, oil prices are plummeting, inflation is dead, Daddy Trump is putting the world back together, including doing a trade deal with China and getting interest rates down, even if it means sacking the man who is in his way. And the UK smaller company sector has discovered the Bitcoin magic money tree and is bathing in the prospect of free m…

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Talking Tech - Episode 24 25:35

25d ago25:35

25:35

George and Ian wish AIM a Happy 30th Birthday, consider its success and follow Charlie Munger’s edict of ‘invert, always invert’ to gain some context. 1,700 companies on AIM in 2007 was too many (polite way to say it), but 700 now is too few. The politically impossible bail out is not the answer, but what can be done for little cost and risk to the…

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Week Ending 20/06/25: More Middle East worries - but more UK green shoots 14:54

28d ago14:54

14:54

This week, Jeremy and Gareth discuss the market reaction to Trump's potential intervention in the Israel-Iran conflict, as well as interest-rate "holds" from the US and UK in the face of ongoing inflationary pressure. Japan continues to confuse - and to present major risk - with high inflation and close-to-zero interest rates, while the US/Japan tr…

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Talking Tech - Episode 23 24:12

1M ago24:12

24:12

George and Ian catch up on events in and around the UK small and mid-cap listed tech. London Tech Week - George has been out and about and is enthused about by the talk by Gary Turner and Steve Vamas of Xero fame. More LSE departures - To read the eulogies you would think that Ricardo was the greater success story. Ricardo was just easy to explain …

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Week Ending 13/06/2025: The Attractiveness of Scarcity 14:46

1M ago14:46

14:46

This week, Jeremy and Gareth talk about the dramatic overnight events in Iran, as Israel's actions have led to spikes in the prices of oil and gold, but not driven the usual "flight to the dollar" in any meaningful way - the USD is trading at three-year lows. Does this signal a loss of status as a safe haven, or is it simply that investors expect t…

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Week Ending 06/06/2025 - Musk...the world's biggest Gold salesman 14:46

1M ago14:46

14:46

This week, Jeremy and Gareth and describe what felt like a more-normal few days, with signs of a slowing US economy and falling bond yields. This was suddenly upended by the public and bitter (and very rapid) falling apart of the Trump-Musk relationship. Musk's backing of Trump was at least partly predicated on promises of a smaller state, but Musk…

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Talking Tech - Episode 22 22:03

2M ago22:03

22:03

George and Ian catch up on events in and around the UK small and mid-cap listed tech. Looking to the US, Salesforce and C3.ai results show positive momentum for AI, as of course do Nvidia’s. But investors are asking more questions and AI vs. Economic Downturn is a match that’s difficult to call. Ian is more immediately concerned about the impact of…

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Week Ending 30/05/25 - Recovering equities and yippy bonds, can it last? 14:58

2M ago14:58

14:58

This week, Gareth and Jeremy continue their discussion about the bond market's predicament. Japan's Ministry of Finance thought that sending a questionnaire to its bond investors would resolve its problem. But it soon encountered another difficult auction, suggesting that its first step in acknowledging the problem was insufficient. Meanwhile, Japa…

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Talking Tech - Episode 21 13:04

2M ago13:04

13:04

George and Ian consider Sage’s results and the return of the normal share price path following results. George points to Xero as Sage’s rain cloud whilst Ian points to the success of Sage’s Intacct offering. Gamma’s AGM statement contained comments in the UK market that led to a share price fall, although the progress in Germany is something that t…

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Week Ending 23/05/2025 - What losing control of the bond market looks like 14:52

2M ago14:52

14:52

This week, Gareth and Jeremy discuss Moody's downgrade of US debt, Donald's Big Beautiful Bill (yes, that is what it is called), and the bond vigilantes' work at the long end of the yield curve. Jeremy discusses Japan's special place in all this and wonders how the world's monetary authorities can put the long-term inflation genie back in the bottl…

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Week Ending 16/05/2025 - Trade deals, Arabian junkets and the UK tops the G7 growth table 14:59

2M ago14:59

14:59

Gareth and Jeremy discuss the US-China trade deal and Donald's many other activities: investment advice, trade deals, a ceasefire between India and Pakistan, huge win/win deals in the Middle East, and a crackdown on big pharma. However, although the market has round tripped from the lows of early April, there is lasting damage to financial market c…

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Week Ending 09/05/2025 - What doesn't kill you makes you stronger 14:44

2M ago14:44

14:44

This week Jeremy and Gareth discuss a smorgasbord of newsflow... from trade deals to interest rate cuts (or lack of them) and the selection of Maro Itoje as captain of the Lions team. UK stocks discussed include ZOO Digital and Van Elle, and Jeremy describes the divergent outcomes for Alpha Group and Argentex...two payments/FX trading platforms who…

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Week Ending 02/05/2025 - UK plc: resilient and cheap...as global capital is reallocated 14:49

3M ago14:49

14:49

Jeremy and Gareth discuss a slightly more normal week - Larry Fink and Jamie Dimon are talking up the UK market just as capital is being freed-up from the Mag Seven. The UK small-cap space is delivering strong performance from stocks able to deliver not-worsening performance...we discuss Watkin Jones, Sanderson Design Group and IG Design as well as…

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Talking Tech - Episode 20 14:59

3M ago14:59

14:59

George and Ian catch up on news and events affecting UK small and mid-cap tech. IBM’s figures get George pondering the differing paths with AI for software vs IT professional services. He highlights the Asian IT services area, where growth is notably better than in the EU or North America, before looking at results from ActiveOps, GB Group and iOma…

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Week Ending 25/04/2025 - Signs of life... but be careful out there! 14:58

3M ago14:58

14:58

This week, Jeremy and Gareth wonder whether there are signs of life... UK plc is perhaps "priced for failure" and recent share price moves suggest that even in-line performance (or only a small warning!) can lead to material upside. Severfield is a case in point, but this week has seen a number of examples. Jupiter and AJ Bell are also talking more…

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Talking Tech - Episode 19 21:49

3M ago21:49

21:49

George and Ian catch up on events in and around the UK small and mid-cap listed tech. Alphawave’s lack of guidance for 2025 is no great surprise, but in an industry as complex as semiconductors can anyone take forecasts seriously. Ensilica’s recent newsflow suggests not. We can, however, confidently predict that the forecasts are wrong. Kainos is s…

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Week Ending 18/04/25 - The UK: past masters of volatility, but priced for failure...? 22:25

3M ago22:25

22:25

This week, Jeremy and Gareth consider the ongoing shocks to the global system - and wonder whether the UK (or UK plc at least) is unusually well positioned, as well as attractively priced. Although Trump's "shock and awe" has calmed this week, gold is rising, the dollar is falling and US government debt is highly volatile...it feels as though we've…

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Week Ending 11/04/2025 - Bessent grabs the wheel 14:52

3M ago14:52

14:52

This week, Jeremy and Gareth talk less about tariffs and more about their impact on capital markets - bonds in particular. Jeremy makes the point that the USA is now experiencing a Brexit AND "Liz Truss" moment at the same time - resulting in a falling dollar and rising rates. Keep an eye on those two, and the gold price, and you have three metrics…

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Talking Tech - Episode 18 20:46

3M ago20:46

20:46

George and Ian catch up on the jumble of news, both good and bad, for UK-listed tech. Pinewood.AI and Raspberry Pi deliver – although inventory build at Raspberry Pi is an issue that must be monitored. BIG Technologies and the broken small and mid-cap due diligence stack. Whilst there’s still an interesting business, there is a far more interesting…

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Week Ending 04/04/25: Clogging global trade - but unblocking the Great Rotation...? 14:56

4M ago14:56

14:56

Jeremy and Gareth react to Donald Trump's tariff pronouncements - major downward moves in US equities, and increased risk of a US slowdown. But there is some hope that the UK could navigate these choppy waters cleverly - and even a small proportion of the capital currently being reallocated could make a huge difference to the UK markets. UK stock n…

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Talking Tech - Episode 17 27:47

4M ago27:47

27:47

Ian and George catch up on small and mid-cap tech news. George has been looking at some resilient and upbeat news from smaller less well-known players SRT, Xaar and Microlise and is still recovering from the not too surprising news that Computacenter has not delivered its 20th year of earnings growth. Gamma results have encouraged Ian and whilst en…

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Week Ending 28 March 2025 - Not balancing the books, and when do "trade wars" become "capital wars"? 14:54

4M ago14:54

14:54

This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth stubborn-inflation structural problems persist. Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market.…

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The Market Call - Week Ending 21 March 2025 - Trade related uncertainty 14:59

4M ago14:59

14:59

Headline grabbing Trump noise from Washington has died down but with concerns around tariffs, and issues in the Ukraine and the Middle East still not settled, Jeremy and Gareth discuss the common theme this week which has been central bankers and companies talking about trade related uncertainty. Overall the forecasts of GDP growth in the major eco…

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Week Ending 14/03/25 - Has Trump shocked Europe into life? 14:59

4M ago14:59

14:59

This week, Jeremy and Gareth mull over the macro situation - the US economy seems to be slowing (but inflation persists) while Europe, especially Germany, has been bullied into spending more than ever. The UK, and arguably Europe, haven't yet seen much benefit from the outflow of capital from the MAG Seven, but remember, the whole German market cap…

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Talking Tech - Episode 16 10:00

4M ago10:00

10:00

George and Ian catch up on tech as it impacts UK small and mid-caps. Recent events have seen the US market, and US tech and smaller stocks in particular, backtrace whilst UK’s Techmark index has gone up 5% since the start of the year. Perhaps showing its worth as a shelter in times of trouble? George updates on recent recruitment sector news, not g…

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Week Ending 7/03/25 - Germany’s ‘whatever it takes’ moment 14:56

4M ago14:56

14:56

This week, Gareth and Jeremy try to keep up with the gyrations from across the Atlantic - both around defence alliances and tariff policies. In terms of the impact on Europe and the UK, Germany is stepping up and spending big, which is driving up both (European) stock markets and (German) borrowing costs. Trump seems to be ignoring the stock market…

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Talking Tech - Episode 15 14:54

5M ago14:54

14:54

George updates us on PLC awards winners – all well deserved and fingers crossed for none of those traditional subsequent share price declines. Ian looks at the strategic reasons for PINE Pinewood's acquisition of Seez and the issue of where the value really lies in AI. Should investors be calling the quality of the acquisition decision now? This le…

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Week Ending 28/02/25 - Finally...a "Brexit benefit" emerges from across the Atlantic 14:55

5M ago14:55

14:55

Jeremy and Gareth talk this week about Trump 2.0 launching with a number of "adults in the room" who Trump trusts, and who can get things done. One thing that might get done is a US/UK trade deal...Jeremy describes how the stars could align, and how the UK's separation from Europe might save us from the worst of Trump's tariffs. Absent much other U…

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Week Ending 21/02/25 - Is Keir Starmer Europe's Trump Whisperer? 14:58

5M ago14:58

14:58

This week, Gareth and Jeremy catch up on the week that marked one full month since Trump's return to the White House. Following JD Vance's lecture to Europe in Munich, the US initiated peace talks with Russia in Riyadh. This confirmed that the old world order has moved to a new one involving power projection by strong men operating in their own eco…

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Talking Tech - Episode 14 23:27

5M ago23:27

23:27

This week George and Ian catch up on recent tech newsflow and consider its impact on the UK small and mid-cap tech stocks. George scans the wider market and whilst somewhat downbeat on the fact that the big boys in IT services are struggling to get back to where they were before the pandemic, at least in the UK the government looks to be spending s…

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Week Ending 14/02/25 - Trump chaos, breakdown of the old world order, the gold price, China's recovering market & the prospects for improving outlook for the UK 14:58

5M ago14:58

14:58

This week, Gareth and Jeremy tackle the investment implications of Trump 2.0. After shocking the world with his suggestion of turning Gaza into the Riviera of the Middle East, Trump has moved on to Ukraine. Such events illustrate how the accepted World order has broken down. Where is the UN in all of this? One outcome has been a new all-time high i…

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Week Ending 07/02/25 - Trump plays games with tariffs....Reeves plays hide & seek with growth 14:58

5M ago14:58

14:58

This week, Gareth is joined by Progressive's Building & Construction analyst, Alastair Stewart. The pair muse on Trump's tariff-based discussions with various world leaders, with Xi Jinping (the obvious and most-dangerous outlier) adding a bit of Chinese spice to the mix, with some largely-unreported moves. Alastair describes the UK building stocks…

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Week Ending 31/01/2025 - DeepSeek rocks the AI boat, but maybe good for the rest of us... 14:50

6M ago14:50

14:50

With Jeremy enjoying sunnier climes, Gareth is joined by George O'Connor, the Progressive tech analyst. The week has been dominated by DeepSeek's sudden unveiling of a low-cost Chinese-created competitor in the AI (large language model) world. George provides some useful perspective on what this means more broadly. If the Magnificent Seven US tech …

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Week Ending 24/01/2025 - Trump 2.0 less turbulent than the British weather (this week, at least) 14:39

6M ago14:39

14:39

Jeremy and Gareth talk through the first week of Trump's second term - tariffs are delayed and perhaps downgraded, and Donald has told the Davos attendees how to grow their economies so they can pay for NATO. Closer to home, Rachel Reeves is unveiling policy after policy designed to spur growth...can it last? And can it work? This week saw a slew o…

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Week Ending 17/01/2025 - With the US priced for perfection, is the UK priced for failure...? 13:45

6M ago13:45

13:45

With peace breaking out in the Middle East, and Trump taking back the keys to the White House, the world is changing fast... Jeremy and Gareth discuss the ways that the USA is causing trouble for other countries - and Rachel Reeves. But some benign inflation data rode to the rescue, and UK companies reporting "in line" trading are putting on double…

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Week Ending 10/01/2025 - We're already on the wrong end of "The Art of The Deal" 14:50

6M ago14:50

14:50

As we kick off 2025, Jeremy and Gareth discuss the impact of Donald Trump's rhetoric (and eventual actions) and the reality that destabilising the world works for Trump in two ways: his eventual arrival and "resolution" of many of these Trump-created pressures will be seen as a great "deal" for him to celebrate, and in the meantime the disarray wil…

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Week Ending 20/12/2024 - Is the Trump Trade over and will Xi attend Donald's party? 14:28

7M ago14:28

14:28

This week, Jeremy and Gareth discuss Jay Powell spoiling the Santa Rally, indicating that rates might not fall as far as he previously said, sending the US $ soaring and risk assets into a tailspin. Is this the end of the Trump Trade? Maybe, and perhaps not a bad thing for the UK market. The DXY index is the gauge of how this might play out. In the…

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Week Ending 13/12/2024 - The world re-aligns & the FTSE 100 loses Ashtead but gains Games Workshop 14:59

7M ago14:59

14:59

This week, Gareth and Jeremy discuss the new world order emerging ahead of The Donald's arrival. The end of 50 years of the Assad regime in Syria is a win for Turkey and Israel but leaves uncertainty surrounding the country and the region's future direction. China signals that its leadership is prepared to accept a lower yuan to counter the prospec…

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Talking Tech - Episode 13 22:57

7M ago22:57

22:57

George and Ian discuss recent results and look at more detail at Oxford Metrics and FD Technologies. Oxford Metrics (OMG) has faced head winds as it returns to ‘normal’ after the pandemic and supply chain issues. But it also now has the opportunity in smart manufacturing. Historically Oxford Metrics has had strong positions in relatively small glob…

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Week ending 06/12/24 - Geopolitical disarray...and Trump hasn't even started yet 14:03

7M ago14:03

14:03

This week Jeremy and Gareth talk about the surprise power vacuums in both France and South Korea, with Europe and Asia needing stability and cohesion more than ever, as Trump looms. Jeremy runs through the pros and cons of a Trump presidency for the economy, and the UK still seems a safe (and cheap) place for global investors to park some capital. …

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Week ending 29/11/2024 - Giving Thanks in Mar-a-Lago as Trump renegotiates the world 14:34

8M ago14:34

14:34

This week Jeremy and Gareth talk through the goings-on in the USA, as Trump's cabinet takes shape - with some of the picks being less outlandish than you might think. Trump's cheap energy policy ironically raises natural gas prices in the short term, and as ever, don't forget Japan... The UK has been busy, with four Progressive clients ( Idox, Seve…

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Talking Tech - Episode 12 - Sage results, looking to a normal 2025 and analysts forecasting un-probable profits 14:55

8M ago14:55

14:55

George O'Connor and Ian Robertson discuss Sage results as well as other recent newsflow. Sage’s share price rose 19% on the day with the market liking it more than the analysts. Much of the debate is around the cloud native growth narrative but have the company and analysts painted themselves into something of a corner? Nvidia results get a mention…

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Week ending 22/11/2024 - All eyes on the Americas... 19:59

8M ago19:59

19:59

This week Jeremy and Gareth discuss Jeremy's eye-opening discoveries from his recent trip to Buenos Aires, Argentina...an economy potentially defying the odds and showing the way for free-market success and opportunity. Jeremy provides a succinct summary and explains his reasons for optimism. Meanwhile, Trump makes his cabinet nominations, Musk-rel…

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Week Ending 15/11/2024 - The one place where "higher for longer" is good news... 13:00

8M ago13:00

13:00

A quieter week, with the US inflation print the main data...Gareth is joined by Mike Trippitt, Progressive's financials analyst, who tells us that "higher for longer" rates can actually be not a bad thing for banks. Mike highlights that the banking sector did very well as rates rose during 2022 and 2023, and discusses the current outlook. Progressi…

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Talking Tech - Episode 11 20:11

8M ago20:11

20:11

George O'Connor and Ian Robertson discuss Q3 Tech news. They talk about the impact of the UK Budget and then the US Election on the tech sector. AIM rallied ater the UK Budget but then gave up the gain as American institutional investors who've been buyers of UK tech this year, suddenly found a reason to go back home with tax cuts promised to US co…

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Week ending 08/11/24 - Tectonic shifts - both sides of the pond 14:41

8M ago14:41

14:41

This week, Gareth is joined by Alastair Stewart, Progressive's Building & Construction analyst. The main topic of discussion is obviously the US election, the initial market relief at the quick result, and market hopes for a capital-friendly and economically successful second Trump term. The benefits of "drill, baby, drill" vs the pain of tariffs a…