Investors love things to be predictable. They want their investments to deliver above average returns with the safety and predictability of a government bond.

But then the world experienced a pandemic, followed by a deluge of printed money, followed by supply chain shortages, followed by inflation, followed by labor shortages, followed by an unprovoked war in Europe by an imperialistic dictator.

We have not even begun to understand the impact that the conflict in the Ukraine will have on global supply chains that are increasingly intertwined. The belief was that the best way to prevent war was to create economic interdependence. This doctrine has been at the center of much of Europe’s attitude toward Russia in the wake of the cold war.

That now appears to have been a strategic error. The new world order has been disrupted and we are now closer to World War III than at any time since the Cuban Missile Crisis.


Host: Victor Menasce