Larry Summers and Me
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US and Russia are allies in this war and the losers are EU and China. The war will continue and middle east (Iran likely) will have destabilize. Oil will hit 150 - 200 USD per barrel. That will create motivation for EU and China to turn to nuclear energy. US and Russia are the only countries that have the nuclear technology. They will be the major suppliers of the new energy resources and take the role of OPEC. China and EU will not be a threat to US anymore. US and Russia have just shared the world and any diplomat have realised yet.
Am surprised to hear that the equity underweight is being reigned in but not the bond underweight. It seems like bonds have more priced in, in terms of the risk of further policy tightening, than stocks. A chart of the US 10y real yield vs the S&P 500 seems to vindicate this idea. It's hard to see real yields going much higher without stocks dropping...