August 2022 Commentary: Stalemate


  • Terrible global conflict continues with Ukraine resolutely defending itself against Russia, Russia dealing with severe sanctions, and western Europe bracing for a winter marked by significantly limited gas and fuel supply, traditionally secured from Russia.
  • To keep its economy afloat despite a tide of international sanctions, Russia has formed strategic alliances with China, as well as Saudi Arabia, to sustain its powerful energy sector-much to the frustration of the U.S. government.
  • To combat OPEC+ production cuts and tame U.S. inflation, Biden has tapped the Strategic Petroleum Reserve (SPR) to release nearly 200 million barrels of the SPR this year, representing 31% of its total supply.
  • China’s economy-the world’s second largest-has slowed precipitously due to the CCP’s “zero-COVID” policies, and many worry about a possible collapse of the colossal Chinese real estate market.
  • We continue to position portfolios for a range of possible outcomes, but still believe it is premature to signal the all-clear and aggressively deploy capital into risky assets.

Read and download the commentary here.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Have any questions? Get in touch today.