Sigma Signals

Week of June 26, 2023

We raised the topic last week of the false perception of Soviet Union strength in prior decades and successor Russia took the spotlight over the weekend with a mini coup attempt. This highlights the futility faced by dictators trying to inspire their citizenry to foment economic strength which begets military strength. In the short term, geopolitical risks increase – which could lead to additional equity market volatility – but for the long term as the normal world order is restored the outlook brightens. Our Signals remain unchanged.

Bob Bilkie, CFA