Middle East Update
Conflict will be more prolonged. Oil disruption may be longer lasting and be more substantial than I previously thought. QS is putting back on long Brent positions and adding back 10% to Gold and other hard assets. NOT using US$ as safe haven currency – sticking to AUD and SGD. Equities no change – underweight or short except for long positions focussed on China, India and the rest of Asia.
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