All political systems decline and they have to revitalize themselves through some conflict.

You know, it doesn't have to be war, but we're going to choose war in Ukraine.

And then he said in this op-ed, like, look, you people in the West, you do the same. You know, you did in Iraq, you did in Afghanistan, so we're going to do it in Ukraine. And then he said in this op-ed, like, look, you people in the West, like, you do the same.

You know, you did it in Iraq. You did in Afghanistan. So we're going to do it in Ukraine.

And I think what he was pointing to is the reason that Putin ultimately entered Ukraine.

Now, this is investment relevant, Harry. This isn't just us having a philosophical debate.

It's investment relevant because if he just went in there because his

balls went down, then he's going to get out before the polls go down further because the war

has now turned wrong. And this is extremely investment relevant. And it's the foundation of my thesis

that the war probably is going to enter stasis. Imagine spending an hour with the world's greatest traders.

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Before we begin today's conversation, remember to keep two things in mind.

All the discussion we'll have about investment performance is about the past, and past performance does not guarantee or even infer anything about future performance.

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Here's your host, veteran hedge fund manager, Niels Kostrup Larson.

Welcome and welcome back to another conversation in our series of episodes that focuses on markets and investing from a global macro perspective. This is a series that I not only find incredibly interesting,

as well as intellectually challenging, but also very important given where we are in the global

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