Generational step change?!

This note covers the fast-moving, wide-ranging, and wild scenarios at the intersection of macro, geopolitical, and market movements. The underlying message is that the speed of change in geopolitical and macro forces is increasing, and with that comes higher uncertainty for investors. Prices have yet to fully account for this change and its short to medium-term consequences.

For investors, the critical point is that most market prices of assets assume tomorrow will be the same as yesterday. In our view, violent price discoveries will occur.