#1 is a banger and it keeps on going.
8 Lessons for Investors From Market Turbulence in 2025 [Morningstar] – “Uncertainty loomed large at the beginning of 2025. Many forecasters were expecting a slowdown in economic growth during the year. The prospect of major changes in US tariff policy only added to the uncertainty, especially when President Donald Trump announced a long list of proposed tariffs that were much higher than previously expected. Market pessimism came to a head in early April, when US equities sold off by more than 10% over a two-day period. Trump’s tariff announcement touched off concerns that tariffs would increase costs for companies and consumers, reduce demand, slow gross domestic product growth, and lead to retaliation by major trading partners.”