Inflation, which started rising rapidly twelve months ago, remains at a 40-year high. Energy and mineral prices have blown out. The war has already had impacts on commodities, intermediate products, and the supply chain. China can ill afford a trade war with the West, although the and $701 billion to the European Union in 2021. On a gross basis, China exported $577 billion to the U.S. We don’t expect Putin to change course because of sanctions or exposure of warĪtrocities, but perhaps Xi Jinping has taken notice and pauses any moves on Taiwan. Maybe the coordinated effort of a surprisingly large number of Russian trading partners and central banks will prove to be the exception. Historically, sanctions have not been terribly effective, as authoritarian leaders (Mussolini, Castro, Kim Jung Un/IL, Chavez, Maduro, Khomeini) survived by controlling the narrative andĬrushing popular dissent. A new two-prongedĬold war with China and Russia has been underway for some time. Although markets have largely ignored it, China and Russia substantially increased their belligerence toward the U.S. All of these elements were in play long before the invasion. Quarterly investment letters across the land will be focused on the Russian invasion and what it means for geopolitical stability, supply chains, energy, inflation, globalization, economic growth, and The market has moved in somewhat of a barbell fashion, with Energy/Non-Energy Minerals and Industrial Service companies tied to these segments driving the value trade, while many speculative growth names also moved up sharply. Since the Russian invasion of Ukraine on February 24, added to performance in the quarter while Masco Corp., Quest Diagnostics Inc., and PPG Industries Inc. Cl B, Omnicom Group Inc., and Dollar Tree Inc. Sectors that detracted included Producer Manufacturing, Health Technology, and Energy Compared to the S&P 500, sectors that helped performance included Finance, Technology Services, and Commercial Services. Areas where the Fund had little exposure such as Energy & Non-Energy Minerals, and our overweighting in Producer Manufacturing, explain the lion’s share of the difference between Poor’s 500 Index, and 0.74% loss in the Russell 1000 Value Index. The FMI Large Cap Fund (“Fund”) declined 6.16% 1 in the March quarter compared to a 4.60% drop in the Standard & (Note: MPEG-2, AVI, DivX source files require component - see system requirements)ĭiscover the easy way to burn DVD, VCD, SVCD. Extra features include video rescue features to lighten video & rescue video that appears cropped on the TV, support for both NTSC and PAL output, generic MPEG encoder, erases CD-RWs. Get the features you want from video authoring software - make DVD, VCD, SVCD, XVCD, XSVCD, make with menu (playback control) or without, make looping VCDs/DVDs for kiosks, VCDs that Autorun in Windows, hybrid movie/music CDs, all kept in a project folder so you can easily burn another copy of your project. This software has all the burner features you need and the ease of use you really want from an MPEG encoder/ burner - just drag in the source files and press the burn button. avi, mpeg-1, mpeg-2 and burn to DVD, VCD, SVCD, XVCD or XSVCD in just one step. Use iVCD to convert from quicktime, divx, mpeg, xvid, mov, avi, wmv, mpg, dv, iMovie. Discover the easy way to burn DVD, VCD, SVCD and more with this easy to use MPEG converter / burner software for Mac OS X.
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