| DAILY ISSUE Hello, Reader. In 1939, the British government wanted to boost public morale before the outbreak of World War II. So, they created a series of posters that featured simple motivational sayings. The posters were never officially released, but one in the series gained widespread popularity after it was rediscovered in an English bookshop in nearly 60 years later. And there’s a good chance you’ve seen it…  This bright red poster quickly became a global phenomenon. There is even an official “Keep Calm and Carry On” web store, which sells T-shirts, mugs, and phone cases featuring the now iconic phrase. The message is, indeed, simple, yet effective: We must stay composed in the face of adversity, continuing on as best we can. And it’s a sentiment I’d like to share today, especially ahead of President Donald Trump’s “Liberation Day” announcements. Trump is expected to announce a sweeping tariff plan after markets close today. So far, the plan has remained largely a mystery. Even this morning, the administration seemed unsure about the direction it is going to take. Of course, it can be hard to “Keep Calm and Carry On” against so many unknowns. But here’s what I do know: The best thing to do to “tariff-proof” your portfolio is to stay away from companies close to the trade war’s ground zero. Here’s where to look instead… | Recommended Link | | | | Elon called it “the most powerful AI training system in the world.” And it could unleash a NEW artificial intelligence so powerful that it could secure America’s supremacy in the 21st century… And send shares of one of Elon’s partners skyrocketing as soon as May 6th. Click here for details. |  | | Keeping Calm… I recommend sticking with lowly valued, and seemingly “unpopular,” stocks. Pharmaceuticals would be one such example. Take Bristol-Myers Squibb Co. (BMY), one of the largest biopharmaceutical companies in the world… and one of healthcare industry’s greatest comeback stories. As we wrote just yesterday in a weekly update for my paid Fry’s Investment Report service… Shares of the firm had previously sold off on fears of a three-step patent cliff from cancer drugs Revlimid and Opdivo and heart drug Eliquis. A technical write-off of its 2024 Karuna acquisition only added to the selloff. But these cheap prices created an incredible buying opportunity that continues through today. BMY still trades in single-digit price-to-earnings ratios, despite now having one of the best oncology pipelines in the business. It also has growing potential in disorders like schizophrenia and Alzheimer’s disease thanks to its acquisition of Cobenfy last year. In fact, BMY has actually risen this week. Indeed, many of the pharmaceutical names in my Fry’s Investment Report portfolio are up this week, despite the uncertainty. Weeks before the threat of Trump’s tariffs arrived, I predicted that the lowly valued pharmaceutical sector would outperform the richly valued S&P 500 index. As I explained at the start of the year… The pharmaceutical industry is becoming a hotbed of AI-enabled innovation and discovery. Therefore, as AI extends its tentacles into every facet of the drug discovery process, the industry’s profitability could grow considerably. Yet, The NYSE Arca Pharmaceutical Index is trading for just 14 estimated 2025 earnings, or 40% less than the tech-heavy Nasdaq-100 index. I expect that valuation gap to narrow considerably during 2025, as pharmaceutical stocks outperform most tech stocks. So far, so good on that forecast. In an otherwise bleak stock market environment, the pharma sector has been outperforming the Nasdaq-100 Index by a wide margin. The NYSE Arca Pharmaceutical Index has advanced 7% year-to-date, compared to the Nasdaq-100’s 7% loss, another richly valued index. The same can be said for the European markets… … And Carrying On Even though shares of European stocks are down this week, they also have been outperforming our own market in 2025, for the most part. That’s because they carry relatively low valuations. It’s also because European companies have no “beef” with other countries. So even if they are shut out from the U.S. market in Trump’s latest tariff plans, they are not shut out from South America, Canada, or Asia. In fact, to the extent that the rest of the world retaliates against the U.S., European companies could become “swing” providers of many products to other countries. So, before today’s Liberation Day announcements and after, I will continue to “Keep Calm and Carry On.” And I’ll help my paid-up members do the same by focusing on lowly valued sectors and stocks. I recommend that you do that same… and the best way to do is by joining us at Fry’s Investment Report. Click here to learn how to become a member today. Regards, | 
