Now that we are six months into the second Trump administration, it is worth revisiting the economic philosophy that I refer to as “TrumpBessenomics.” The term captures the fusion of Donald Trump’s populist, growth-oriented agenda with the strategic and data-driven approach of Treasury Secretary Scott Bessent.

While it is too early to evaluate the effectiveness of "TrumpBessenomics", what follows is a targeted assessment of actual policy execution and economic outcomes so far, focused on four key areas: growth and markets, fiscal policy, trade strategy, and institutional integrity.

By David Tepp

Published in Advisor Perspectives August 12, 2025

Sources:

• https://www.wsj.com/opinion/bessents-3-3-3-economic-growth-plan-and-the-5-4-3-threat-treasury-secretary-nominee-387250a8
• Oxford Economics, “Q2 GDP Rebound Masks Glowing Fundamentals,” written by Bernard Yaros, July 30, 2025
• BCA Research, “One Big Beautiful Basket,” written by Max Malakveitshouk, July 16, 2025
• https://www.cnn.com/2025/05/30/politics/doge-musk-government-savings
• JP Morgan Chase, “Guide to the Markets,” July 31, 2025
• Oxford Economics, “Made in America – The Manufacturing Sectors With the Best Prospects,” written by Nico Palesch, July 22, 2025
• Oxford Economics, “PCE Nowcast – Tariffs Are Starting to Hit Inflation,” written by Grace Zwemmer, July 16, 2025
• Oxford Economics, “ICE Arrests Proving a Hinderance to Labor Force Growth,” written by Matthew Martin, August 4, 2025

In an age when investors obsess over quarterly earnings, AI hype, and the Federal Reserve, it’s easy to overlook what actually makes the global economy tick: the inputs that power, build, and sustain growth.

By David Tepp

Published in Advisor Perspectives October 13, 2025

Sources:

• Absolute Strategy Return, “From Weaponised Trade to Weaponised Capital:, written by Ian Harnett, April 3, 2025
• Absolute Strategy Return, “Controversies, Convictions & Context #4”, written by Ian Harnett and David Bowers, May 8, 2025
• Absolute Strategy Return, “Water, Food & Climate: The New Security Imperative”, written by Michael Penn, May 30, 2025
• Absolute Strategy Return, “The Critical Metal Catalysts”, written by Michael Hessel, July 4, 2025
• Absolute Strategy Return, “Energy Transition: Myths & Realities”, written by Michael Penn, July 22, 2025
• Absolute Strategy Return, “Real Asset Revival”, written by Zahra Ward-Murphy, August 8, 2025
• Alpine Macro, “Future Water Security Hinges on Innovation”, written by Noah Ramos, November 20, 2024
• Alpine Macro, “Adapting Commodity Strategy to Shifting Correlation Dynamics, written by Kelly Xu, August 5, 2025
• Alpine Macro, “AI, Energy, And the Grid – A Collision Course”, written by Noah Ramos, August 6, 2025
• Rosenberg Research, “Making Uncertainty Great Again: Take Three”, written by David Rosenberg, September 2025
• Oxford Economics, “ICE Arrests Proving a Hinderance to Labor Force Growth”, written by Matthew Martin, August 4, 2025
• Oxford Economics, “The Young and the Anxious”, written by Ryan Sweet, March 26, 2025

Our first quarter outlook described 2026 as a story of steady growth in the first half, with the potential for inflation to re-emerge later in the year as fiscal stimulus, deregulation, and improving business conditions combined to reignite demand. The Iran conflict, which began on February 28th with coordinated US and Israeli strikes targeting Iranian military infrastructure, compressed and scrambled that sequence.

SOURCES

• - Absolute Strategy Research, “Asset Allocation: Reduce Risk as Iran War Extends,” Zahra Ward-Murphy, March 18, 2026
• - Absolute Strategy Research, “Six Big Investment Issues from Our Global Marketing,” March 25, 2026
• - Absolute Strategy Research, “The High-Flation Regime & Bonds,” written by Ebrahim Rahbari, April 1, 2026
• - Alpine Macro, “Tropic Thunder: War Time Equity Positioning,” Nick Giorgi, April 1, 2026
• - Alpine Macro, “In Brief: Iran — Winner, Winner, TACO Dinner?,” Dan Alamariu, April 1, 2026
• - BCA Research, “Quarterly TAA: Anatomy of a Supply Shock,” Juan Correa, Lucas Laskey et al., April 1, 2026
• - BCA Research, “Geopolitical Strategy: The Shortest Geopolitical Outlook for Q2 2026,” Matt Gertken et al., April 3, 2026
• - GeoFutures, “Sketches of the Middle East After the Iran War”, written by Kamran Bokhari, April 2, 2026
• - Numera Analytics, “Global Asset Allocation: The Fog of War — Should Investors Buy the Dip?,” Joaquin Kritz Lara et al., March 17, 2026
• - Numera Analytics, “US Asset Allocation,” Joaquin Kritz Lara et al., March 19, 2026
• - Oxford Economics, “GAA Equities: US Equities Can Weather the Oil Shock,” Daniel Grosvenor, March 16, 2026
• - Oxford Economics / Alpine Macro, “GAA Cross Asset: Move Closer to Benchmark as We Dial Back Risk,” Ainsworth-Grace, Corominas & Grosvenor, March 12, 2026
• - Oxford Economics / Alpine Macro, “GAA Fixed Income: Central Banks Will Need to Lean Against the Wind,” Javier Corominas, March 13, 2026