The Wagner Rebellion and the War in Ukraine

The war in Ukraine has been basically a stalemate for the past six to eight months. The market agrees with me 100%. Every single piece of geopolitical risk premium has dissipated. There is no longer any geopolitical alpha to harvest in Ukraine. If Crimea is actually threatened, Russians may deploy tactical weapons. At that point, they feel that is their territory. That is part of core Russia. It's not conquered Russia. It is Russia.