The speaker was directly asked "Would you be buying US stocks right now?" and answered "No." He argues the biggest consequence of the war is the degree to which America will be blamed globally for a much higher cost of living. This blame is not yet reflected in market prices but poses risks to American businesses operating globally and to American tourists. The unappreciated geopolitical and economic fallout creates a risk that is not priced into current US equity markets, making them unattractive. A rapid de-escalation of the conflict that leads to a sustained drop in energy prices and dissipates global animus toward the US.