Geopolitics is not the reason to get more cautious...it's rates...

“Due to decades of underinvestment, our fire department currently operates with the same number of firefighters as in the 1960s, six fewer stations, and five times the call load...”

And the three ways Europe can retaliate...

"I am staking my own political future as prime minister on this election. I want the public to judge directly whether they will entrust me with the management of the nation."

"The administration is focused on bringing inflation and treasury yields down and Europe may be able to influence both. " - George Saravelos

Europe is the new Balkans that risks becoming the plaything of empires.

"The Supreme Court will likely hear arguments in the case this spring..." 

"Markets are sensitive to the dynamic developments regarding new tariffs as a basis for negotiating security issues. Rising uncertainty, as seen last year, will weigh on all markets."

As investors are caught between fear of missing out on a further stock market rally and the building geopolitical risks, they can take a cue from the derivatives strategists at the biggest Wall Street banks. 

...the sector’s recent rally is starting to look less like a rates trade and more like a policy-vibe trade...

"The renewed trade conflict also feeds broader geopolitical concerns, including NATO cohesion..." 

The new DeepSeek model “has the potential to disrupt the sector again, underscoring China’s position as the main rival to US AI supremacy,”

...becomes valuable when chaos erupts or supplies are threatened

"if Trump approval doesn’t improve by end-Q1, mid-term election risks grow and tougher for investors to remain long “Trump boom” cyclicals" - Michael Hartnett

"Affordability, particularly in the context of housing, has recently been a central focus..." 

...there's a bull market on “broadening out” trades