Penn Davis McFarland, an investment management company, released its first quarter 2025 investor letter. Decades of unchecked government spending have strained the U.S. balance sheet, limiting economic growth and security, prompting President Trump to prioritize deficit reduction. The government’s noble commitment to cut spending faces challenges as it must abruptly detox a market reliant on federal support, with initiatives like DOGE and tariffs forming a two-part strategy against the...
Penn Davis McFarland’s Q1 2025 Investor Letter
