IN THIS ISSUE

• Macro Strategy — Portfolio Construction in the Age of Industrial Geopolitics: Rising geopolitical tensions are driving a broader era of “industrial geopolitics," where defense investing extends beyond weapons to strategic control of resources, technology, digital infrastructure, and industrial capacity tied to national security.
  
  
• Market View — The Stagflation Scenario: The recent geopolitical flare‑up raises stagflation risks worth monitoring, but stronger U.S. economic resilience and diversification should help investors navigate the uncertainty.
  
  
• Thought of the Week — One Key Lesson of the War: The World Still Runs on Fossil Fuels: Prolonged conflict underscores that fossil fuels remain essential to global growth and supply chains, increasing downside risks to global growth and earnings the longer disruptions persist.​