Morgan Stanley with the note. I agree, on the proviso that the monetary blockade imposed upon Russia doesn’t result in some systemic dislocation in spreads owing to a meltdown someplace.
In short, right now, markets are lose-lose.
Investing capital can be an exhilarating and humiliating experience. Anyone who has chosen this as a career has experienced both, sometimes in the same week, like the one just past. While the investment landscape is always filled with uncertainties, today’s backdrop seems dotted with more than normal. When faced with such an environment, it’s often helpful to lay out the big factors affecting asset prices and then try to determine what you think you know or can analyze, and what remains hard to determine so it can be properly handicapped – i.e., priced.
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