Gaston, thank you for your comment.

As a macro analyst, I cannot always put myself in the middle of the politics of it all. I call the violence out as terribly sad, but the lost lives and geopolitics have to mostly stay out of a global macro letter. I hope my commentary doesn't come off as a war hawk, and in the video I made sure to say "let's assume it is for nuclear weapons reasons" to try and make a point about objectives.

I am saddened by war. I feel for every family in every innocent life lost, no matter the country.

On the Strait, I am very worried about what the closure and especially the fertilizer issue will cause, and I am writing on the topic as we speak for today's letter. I am also interviewing Lyn Alden this week who is extremely worried about the ramifications of the closure. It looms as the largest risk in the world by 100 miles.

This letter is about asset performance and making sense of it all, and I want to do my best to stay in my lane while keeping things human.

Thank you for your comment and I welcome any feedback to this reply.