Central banks have since the financial crisis in 2008, through low interest rates and liquidity, aggressively used the financial levers of the economy to pull the real economy forward. Now the central banks need to make a U-turn.

As we try to assess the longer-term implications of Russia’s vicious attack on Ukraine some conclusions come quickly and are hard to dispute. These are the known knowns.

The biggest opportunity in equity investments is to look for companies that can compound their earnings over many years or even decades. We emphasize sustainability of growth over magnitude of growth.