Guts and Gold

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Investors, quite naturally, are very interested in the possible course of events in Ukraine.  History suggests that in the case of perceived mismatches in military strength, courage and a robust, external supply chain, food, medical and armaments, can be surprisingly helpful to the smaller combatant.  At this time, it is clear that the people of Ukraine have responded with exceptional courage.  Just as important, it appears that most of NATO’s members have opened their armories and are providing Ukraine with unprecedented support in the form of sanctions, outrage and increasingly sophisticated weaponry.

Of course, the big question is, what will Russia (Putin) do now?  While it is not easy to assess the current situation on the ground, it’s clear that the Russian incursion was not the expected (?), three day war.

All comments and suggestions are welcome. Walter J. Kirchberger, CFA

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