| Hi Aris, Welcome to this week's edition of Smart Investing. The prospect of high tariffs being imposed by the United States on foreign goods from many countries, including Australia, has recently rattled financial markets. Our lead article this week is by Vanguard's President and Chief Investment Officer, Greg Davis, who says it's important to put the uncertainty and volatility around the proposed tariffs into perspective and to recognise the opportunities to either mitigate risk or generate alpha returns. In our second article, Senior Personal Finance Writer, Tony Kaye, examines Australian Taxation Office data that shows the number of Australians who have taken advantage of the government's home downsizer measure over time to inject more capital into their superannuation. It's evident a growing number of Australians are using the proceeds from selling their home to top up their retirement savings. We'd like to hear from you if you have used the home downsizer measure to top up your retirement savings. Send an email to corpcommsaustralia@vanguard.com with your contact details to tell us your story. Lastly, what does the impending end of hybrid securities mean for investors? APRA recently announced it wants issuers such as banks to switch to cheaper and more reliable forms of regulatory capital. Our article explains the next steps, and why high-quality bonds are a logical alternative to hybrids. | 
