After several weeks buried in reporting season, we return to the topic dominating global headlines: tariffs. It’s been a rollercoaster. On-again, off-again pronouncements from President Trump have wiped almost 10% from the benchmark ASX 200 index since the start of February, eroding all the gains of the last seven months.

Much has been written on the subject, both in the media and by our global team of investment analysts. This week, I’ll pick out a few insights I think are most valuable in such volatile times.

 1. Avoid one-way geopolitical bets

We have a base case, but we don’t know exactly how this all plays out. Nobody does. So, loading up on bets that only pay off in one future state of the world doesn’t seem prudent.

2. Focus on the fundamentals

Yes, uncertainty is elevated. But this doesn’t mean you should avoid all risk assets. Nor does it mean you should buy ‘safe-haven’ assets at any price. Consider what’s priced into an asset, rather than following the herd.

3. Moats matter

Companies with durable competitive advantages–or economic moats–are better equipped to handle external shocks.

4. Tune out the noise

One of the great advantages of individual investing is that you don’t need to worry about short-term performance. Unless you’re forced to divest for personal reasons, you can generally sit on the sidelines and wait out market volatility. And if you have some dry powder, you can take advantage of the opportunities dislocation creates.

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