The Wall Street Journal

Wall Street’s ‘Smart Money’ Braced for Tariff Chaos. It Was Still Caught Off Guard.

Even hedge funds weren’t prepared for the gyrations in stocks, Treasurys and currencies

Stock-market swings in reaction to the Trump tariffs have been hard to predict.
Stock-market swings in reaction to the Trump tariffs have been hard to predict. Photo: Michael M. Santiago/Getty Images

Hedge-fund manager Edouard de Langlade had the best trading day of his career after President Trump unveiled his sweeping “Liberation Day” tariffs. Markets plunged the following day, resulting in a huge payoff for Langlade’s multibillion-dollar bet against U.S. stocks and the dollar. 

“When Trump was elected, I thought, ‘The crash is about to come,’” said de Langlade, founder of Swiss hedge-fund firm EDL Capital, which gained 6% that day.

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