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.

We are deeply disturbed about the future of Ukraine and the western liberal order. However, it is also a time to reflect and consider what has brought Europe into this calamity.

We don’t think in terms of a calendar year when investing. We think it is important to stay consistent and focus on a longer time horizon when investing.

The key to understanding China Evergrande's fate and the consequences for the company's customers, creditors and shareholders is to understand President Xi's agenda.