1. Strong energy prices that hurt consumer spending power
2. Financial defaults that jeopardize the financial system
3. Falling markets as investors de-risk portfolios
Some Russian bonds are getting marketed down to zero at the broker-dealers and Russian equities are not trading publicly anywhere that I can see. Additionally, these well-meaning Russian sanctions are hurting the West as well as the East; someone is going to get caught holding the bag when debts default and trade is disrupted.
I said earlier to watch the European banks, but I didn't expect the US banks to get sucked down with them. They are all in trouble. Here are some fun charts!
Robert Lloyd, CFA®
Chief Investment Officer
Lloyds Intrepid Wealth Management
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