Vincent Juvyns

In a stagflation environment, favor equity markets that are less energy-intensive and less dependent on oil imports. Emerging markets stand out as relatively well positioned.

Gold is seeing a "flight to quality," trading up 1.2% despite a general market sell-off. The environment is defined as "Warflation"—simultaneous geopolitical conflict and rising energy costs driving inflation. This breaks the traditional correlation where higher yields hurt gold; instead, gold is bid as the ultimate hedge against systemic instability. Long Gold (GLD). A liquidity crunch where gold is sold to cover margin calls in equities (though the transcript notes gold is currently outperforming).