Independent Strategy

The future history of Russia’s war

The hedges against our strategic forecasts re oil and grains (both longs). The Japanese yen will become a safe haven. The shorts are EU assets. Good sovereign quality bonds are defensive.

De-globalisation will accelerate and the New World Disorder will deepen. The idea that markets have unshackled themselves from geopolitical risk is untenable. Expect equities, in particular, to correct severely from here.

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