| Dear Reader, Wednesday, the second day of our 18th annual Strategic Investment Conference, gave us a record 20 speakers in one day, which included two panels. The day started off with a bang. General Sir Richard Shirreff, former Deputy Supreme Allied Commander of NATO Europe, gave Jacob Shapiro, geopolitical head of Cognitive Investments, a much-needed update on the Russia-Ukraine war. Shirreff said many people, including Putin himself, had overestimated the capabilities of the Russian military and underestimated the determined pushback by the Ukrainians. He warned of Putin potentially taking the next step by declaring war on NATO itself, which would force the 30 member states to get actively engaged. To hear this amazing interview for yourself, click here to get your SIC 2022 Virtual Pass now. The entire conference is being recorded, so you won’t miss a thing. Asked what the war means for the global supply chain, Shirreff predicted food shortages and famine: “Ukraine provides one-third of the world’s grain. There will be no harvest, which will lead to food shortages, which will lead to instability, which will lead to governments getting toppled. The Arab Spring came from food shortages.” The Carlyle Group co-founder and co-chairman David Rubenstein voiced similar views: “When Putin took Crimea, there were no shots fired, so he figured taking Ukraine would be the same.” Rubenstein said investors “shouldn’t expect this to be over anytime soon.” He noted that right now, the smart money is gathering up cash reserves and getting ready to pounce when the market bottoms. For the average investor, he emphasized the value of a good financial advisor. Another pair of heavy hitters yesterday was fund legend Ron Baron and his son Michael, interviewed by David Bahnsen. Revealing their secrets of success, they named the two major questions they consider before investing: Does the company have a distinct competitive advantage, and who are the people running it? If both of those are positive, they’ll invest and hold for the long term. Investing in Uber or Lyft? No way, “because they will be disrupted by companies like Tesla with their self-driving cars.” The father-and-son team is unconcerned about inflation and market volatility: “We don’t look at what the stock market does right now; we look at where a company’s stock price is now and how it compares to where that stock price will be 5, 10 years from now.” More content from this action-packed day: Barry Habib and Katie Stockton discussed the Fed’s decision to hike rates and its consequences for mortgage rates and the housing market... a must-watch if you consider buying or selling real estate. Jared Dillian gave his contrarian views on the market, gold, and more—including his #1 favorite stock to invest in now. The “Real Money Managers” panel with Stephanie Link, Barry Ritholtz, David Bahnsen, and Brian Lockhart made for animated discussion. Want to know what the pros are doing in this environment? Watch this panel session. The panel “National Security and Natural Resources” featured the CORBŪ crew—Renè Aninao, Sam Rines, and Nick Hoyt—as well as energy and cobalt experts Dan Pickering and David Brocas. They talked about the future of energy markets, possible fertilizer shortages, agricultural concerns, and more. Don’t miss these fascinating conversations... and all the others yet to follow. Click here to join us today. Whether or not you’re able to watch the live sessions, the video and audio recordings and transcripts that are part of your Virtual Pass will keep you caught up. Videos are usually available the same day. Next up tomorrow, Friday, May 6: Audience favorites Louis Gave and the Gavekal team... geopolitical master and SIC staple, George Friedman... Peter Boockvar and Jim Bianco in conversation... and our can’t-miss panel, “China’s Long Path to World Domination,” with Louis Gave, Emily de La Bruyère, Bill Bishop, and Jacob Shapiro. Click here to join us for the live SIC experience tomorrow. Best, Mauldin Economics P.S. Until the end of the conference, you can still claim a 78% discount on your Virtual Pass. Click here to take advantage now. | 