Haig Bathgate

Microsoft has lower political risk under a potential Democratic-leaning government compared to some other tech names, it produces a lot of cash, and its forward PE has compressed to around 24 because earnings keep beating expectations. This makes it a relatively safe way to play the AI theme.

In inflation-linked bonds are the best insurance against a prolonged energy shock from the Strait of Hormuz closure. They hedge against sustained commodity price increases and the associated inflation risk.