Risks to Growth, Earnings, and Markets are all Skewed to the Downside The effects of the conflict in Ukraine are complex and far reaching. Armed conflicts always create first and second order effects (First order effects: actions have consequences. Second order effects: consequences have consequences.) Only in the fullness of time will these effects become […]
Sleeping With the Enemy The U.S. and Europe are now beginning to pay the price for their inability, or unwillingness, to recognize the growing dependence of Western economies on political adversaries. The economic connections between Russia and the U.S. and EU have complicated the situation and have skewed sanctions to the weakside thus far. Sanctions […]
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