Week of January 5, 2026
Recent U.S. military action targeting Venezuelan narco-terrorists may carry meaningful positive long-term implications. Our assessment of global risk has consistently centered on China, Russia, Iran, and North Korea as the primary sources of geopolitical instability. In the near term, further escalation by these regimes appears less likely following this demonstration of force. A restoration of Venezuelan oil flows to global markets could materially improve the country’s economic outlook and prospects for its citizens. For now, our Signals remain unchanged.
Bob Bilkie, CFA
