When War Drums Beat, Duck for Cover

When War Drums Beat, Duck for Cover Risks/Themes 1. Higher energy and global commodity prices 2. Inflation, which might be exacerbated by a potential re-pricing of some subsidized commodities 3. “Possible” strength in the US Dollar 4. Higher interest rates, at least on sovereign and treasury bills, due to higher credit default swap rates Hedging Strategy| Fixed Income, EKHO, COMI, HRHO, EFIH, PHDC, ETEL, EAST, CLHO, CIRA 1. Fixed income allocation is a must, especially in light of rising yiel...