There are the obvious geopolitical moments that show up directly in spot prices, like the way oil and gas prices soared after the Russia - Ukraine conflict kicked off. I use the word “obvious” because we can observe the spot price dynamic, and the consumer feels the inflationary pressure of increasing energy and input costs. Markets prefer stability, and they love certainty, so unforeseen events tend to cause dramatic repricing of asset classes. As an investment manager, the job is to manage risk, hedge against uncertainty, and create a basket of non-correlated assets. When done correctly, there is always an opportunity to rebalance, thereby selling one sleeve of assets at high prices and buying another sleeve at low prices. The only certainty is that of uncertainty. Therefore, portfolio managers that blame geopolitics for their poor performance ought to take more responsibility!