As we watch the crisis unfold in Ukraine, the direction and fallout of all this is very much anyone’s guess. I, like many of you, spent a great deal of time watching the invasion transpire this past week. One cannot help but feel sympathy for the Ukrainians. And, at the same time, the courageousness the citizens are showing has also left me with a sense of admiration for how they are defending their freedom.

It’s hard to think about portfolio management at a time like this. This attack has given new perspective to many of our priorities, but focused we must remain. Trying to predict the unpredictable often proves to be a fool’s errand. The outcome of this invasion, and the fallout from it, are very much unknown. The best thing we can do is stay on the sidelines and protect capital when faced with such uncertainty. However tempting it is to weigh in with a hot takes, let’s wait for the market to make a move first and we’ll be there to react when the time is right.

I’ll be working from home this week and monitoring everything closely. I tested positive for COVID-19 on Saturday, but even the Queen, at 95, was able to complete light duties after her positive test last weekend. However, Tara is adamant that the Queen is tougher…