We begin with the war in Iran, which seems far from over despite President Trump's wishes. But so far, the war hasn't really bothered the debt and equity markets all that much. Bridgewater founder Ray Dalio has spent a career making long term investments based on his understanding of the geopolitics and the politics of great economic powers, like the US being challenged by others.Follow the cash. Follow the money. Okay.There's a reaction. Like wars are bad and wars are bad. But the reality is, uh, markets t ...

Hedging inflation risk. How much for challenge now is coming from the bond market. I think it's a meaningful challenge, Jonathan.You know when you're in the investment business and you're at a cocktail party and someone asks you for advice or stock tips, the good thing to say is always stay invested, stay diversified. But right now, I would say stay invested, stay diversified, hedge inflation risk. My message to our clients is diversify your hedges.Lisa has hinted at this. Treasuries won't do the job if we ...