The Geopolitical Risk Premium for European Assets

The better Ukrainian offensive goes, the more likely a Russian reaction is pretty severe. And there's more destabilization in Russia, which I'm not sure is good for European equities. The plan 2022 was to fade it was to ignore all the Twitterati and fade nuclear war European disaster scenarios. But even if I'm saying when that trade is gone, so there's only downside risk to Europe from here. It may be prudent to kind of put on some shorts on European assets, given that the downside risk scenario is 10 or 15%.