国产福利久久久

Regardless of how the market rollercoaster we鈥檙e on plays out, the global economy is clearly being fundamentally reshaped. According to , the possibility of a recession or worse in America and around the world is still real. If tariff-induced inflation gets introduced to the mix, it鈥檚 a double whammy for households. And if it accelerates AI adoption, , the pain for workers could compound. 

I鈥檝e spent much of the week thinking about what all this means for JUST Capital. The argument – captured in – that this is all being done to benefit Main Street after decades of neglect warrants careful scrutiny. History teaches us that dislocations invariably tug at society鈥檚 fault lines and hit the economically vulnerable (i.e., Main Street) the hardest. Maybe this is different. Overall though, I鈥檓 coming to the (admittedly self-serving) conclusion that it makes just company behavior more important, and increases the performance dividend of stakeholder leadership. 

Consider this: In the last major market shock during Covid, the most just companies outperformed their peers. From January 31, 2020 through the end of May 2023 the broad based JULCD (the 鈥淛UST 500鈥�) beat the Russell 1000 by a little over 1% and the JUST 100 was up 11.8% over its benchmark. More highly ranked companies also displayed more resilience than their lower ranked counterparts when Covid hit, responding to worker and customer needs more effectively, and bouncing back faster. 

Although the current tumult is driven by altogether different causes, I expect just leaders to similarly outshine their rivals (as our index track records suggest). Companies that excel in creating value for all their stakeholders possess greater brand strength, are more long-term growth oriented, prioritize productivity and innovation (including via technology), and are better at attracting and retaining the best people. They have strong cultures, care deeply about their customers, have tighter relationships with local communities and suppliers, and are more adept at navigating social and environmental matters. When market shocks happen, these companies are invariably better positioned. Walmart鈥檚 successful customer loyalty program was as a reason why the company may be more recession-resistant than others (see below for other examples).

Call it what you want 鈥� multi-stakeholder capitalism, just capitalism, better capitalism 鈥� it鈥檚 the kind of leadership that will stand companies in good stead in times of great uncertainty. It鈥檚 also the best chance we have of building a better future for America.

Be well, 

Martin

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Special Report: Reaction to Tariffs

Reactions from Trump鈥檚 tariffs have run the gamut across companies and investors. Here are just a few from the week.

says they鈥檙e 鈥渘ot sweating鈥�, as 80% of their cars are assembled in the U.S., and they鈥檙e working with the administration to 鈥渉elp grow jobs here鈥� to assemble even more on U.S. social.

CEO Jamie Dimon responded to the tariffs in his shareholder letter, saying that 鈥渢he quicker this issue is resolved, the better鈥�. 

CEO Michelle Gass assembled a task force to figure out potential options for dealing with the impact of tariffs, saying that any price hikes the company makes will be 鈥渟urgical鈥�. 

is suspected of being more resilient thanks to its growing 鈥淲almart +鈥� program, which drove nearly half the total spend on the company鈥檚 website last year. The subscription service could give Walmart a buffer on raising prices. 

Outside of specific companies, CNBC created a on the impact of the tariffs. The BBC also reported that right now, than business leaders.

proceeded with the opening of a new production complex in Vietnam, reportedly undaunted by tariffs against U.S. trading partners. 

QUOTE OF THE WEEK

(Getty Images/ Kayla Bartkowski) 

鈥淔or the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well. But for the next four years, the Trump agenda is focused on Main Street. It鈥檚 Main Street鈥檚 turn. It鈥檚 Main Street鈥檚 turn to hire workers. It鈥檚 Main Street鈥檚 turn to drive investment, and it鈥檚 Main Street鈥檚 turn to restore the American Dream.鈥�

• Treasury Secretary Scott Bessent speaking to the press on what these tariffs are aiming to accomplish.  

JUST AI

CNBC looks at an alarming trend for companies 鈥� , and then, once hired onto a company, installing malware and ransomware on their servers. 

MUST READS

Fortune looks at how Atlassian has bucked the return-to-office trend of other tech companies, and in the process, tripled the size of its workforce and nearly doubled the amount of candidates who apply for open roles.

The Guardian looks at marketing鈥檚 role in 鈥渨oke鈥� backlash to corporate activism, saying, 鈥�the contradictions of the brand purpose era are most apparent when looked at from the view of the average person. Social progress once came hand-in-hand with economic progress. Now, instead, social progress has been offered as a substitute for economic progress.鈥�

Bloomberg reports that in the growing trade war. 

Fortune examines some of the to weather the tariff storm. Yahoo Finance takes a close look at Starbucks in particular, given that the majority of . Meanwhile, a opinion section to discuss pricing woes these tariffs create, stating: 鈥�Bizarrely, the U.S. government can scramble its tariff policy faster and with less warning than I can change my retail prices. I face a critical business decision and lack the minimal level of certainty to make it.鈥�