Fox Business guest on tariff effects: “This is going to get much worse. I am really quite fearful that things are coming apart”
Dennis Gartman: “I think we're going to go down quite a good deal further before this is over”
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From the April 4, 2025, edition of Fox Business' Mornings with Maria Bartiromo
DENNIS GARTMAN (GUEST): I think this is a fully fledged bear market. I think it began a month and a half ago, no question about it. Volume comes in on the downside. It wanes on the upside. And I think that the psychology of the market has changed rather dramatically. The psychology of investors has changed dramatically. The imposition — I think the ill-advised imposition — of tariffs upon the U.S. economy, global economy, and the repercussions that you are already seeing with the Chinese making their effect in the past hour and a half tells me that this is going to get much worse. I am really quite fearful that things are coming apart. Time shall tell, of course. But I think it's a fully fledged bear market, and I think the psychology of the market has changed. The only thing that I've done, I went to the sidelines completely in my portfolio for my own, I'm 98% in two year and less notes and I have a small holding in a real estate investment company, a REIT, whose board of directors I'm on, but otherwise I hold nothing, and I think we're going to go down quite a good deal further before this is over. It will take a long time to change the psychology that has changed rather dramatically in the course of the past month and a half.