Market agrees tariffs are bad for everybody, says Ariel Investments' Charles Bobrinskoy

• Tariffs are fundamentally inflationary and bad for the economy, with the market reflecting this concern.
• There is a rotation in equities from overvalued large-cap growth stocks to reasonably priced small-cap and mid-cap value stocks.
• Inflation is a key, under-discussed story, driven by trillion-dollar deficits, tariffs, and less globalization/immigration.
• Recommends Barrick Mining (B), SLB NV (SLB), and APA Corp. (APA) as cheap stocks benefiting from inflationary trends in gold and energy.

Charles Bobrinskoy of Ariel Investments discusses the negative impact of tariffs on the economy, highlighting that economists and the market agree they are inflationary. He identifies a market rotation from overvalued large-cap growth stocks into reasonably priced small-cap and mid-cap value stocks, driven by persistent inflationary forces.