The next few days are key. Markets were logical/complacent until yesterday, pricing a short-lived shock. Now seeing strange moves: gold outperforming, dollar not a safe haven, equity markets correcting. Believes parties involved will have interest to find a solution, but capabilities destroyed will take time to rebuild.

Market has repriced in last 24 hours from resolution within weeks to within months. Believes China, Iran, US, and Europe will have convergent interests to cool down as costs rise.

Toughest job for central bankers. You have inflation going up, but growth will be softer. Believes ECB will not hike, Fed will continue to cut rates later.

Dollar is overvalued. If Fed cuts and ECB is on hold, dollar will continue to go down. US deficit means no other way out than a softer currency. Positioned for that.

Big function is max diversification. Believes in emerging markets, India, China, Europe. Doesn't want all bets on US mega caps. Important to protect against weakening dollar. Added short-dated bonds as market is too extreme pricing hikes in Europe. Likes German/Italian bonds.

Japan interesting. Yen undervalued. BOJ will hike later. Likes 10-20 year JGBs unhedged. UK more debatable; has position on gilts, expects BOE to be on hold.

Added short-dated bonds and gold. Finds tech sector overvalued, not all but many players. Market thinks winners will be everywhere; need to diversify from mega tech names.