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Geopolitics is not about war. Nor is it a risk. It is the very sinews of material reality that investors must navigate. In this report, we counter the conventional way of thinking about geopolitics. Investors should eschew analyses that define global “end states.” Instead, they must focus on what the transition to those various end-point scenarios will mean for asset allocation. We conclude that the most likely end state is balanced multipolarity. The transition to that end state will see the USD depreciate and non-US assets outperform US.