Kissinger: The constructive way to end the war

Dear Mauldin Economics Reader, [SIC 2022 Daily Updates] Dear Reader, The fourth day of the SIC 2022 ended with historian and biographer Niall Ferguson interviewing Dr. Henry Kissinger, former US secretary of state... a truly momentous event. Kissinger’s measured, diplomatic responses on how to end the Russia-Ukraine conflict presented a stark contrast to today’s divisive rhetoric. He emphasized the importance of giving Putin a dignified and safe way out of the war: “We need to give the Russians an opportunity to protect themselves [from NATO]—we shouldn’t turn this conflict into a purely technical, economic problem.” He believes that we may be close to a ceasefire and thinks it’s unlikely that nuclear weapons will be used, “as long as the US or NATO doesn’t breach Russian borders.” [Get your Virtual Pass today to watch this riveting conversation...]( as well as all the others we’ve already recorded, and the live ones yet to come. Investing legend Howard Marks talked to John Mauldin about his theory of a swinging pendulum: “Human thinking usually doesn’t stay at a happy medium; it swings from too much in one direction to too much in the other, especially in the markets. In the real world, things fluctuate from ‘pretty good’ to ‘not-so-hot,’ but in the markets they go from ‘fantastic’ to ‘hopeless.’” Marks noted that over time, the economic weight shifts to different factors. Not too long ago, it was all about getting things cheaply, then it was eco-friendliness—but now we also have to consider the safety and security of our supplies by bringing production back onshore and maybe reopening some shuttered nuclear plants. Macro wizard Felix Zulauf discussed his outlook for 2022 and beyond with Things That Make You Go Hmmm... writer Grant Williams. His prediction: “We’re on a roller coaster and will be for the next 10 years.” He believes the stock market will go down sharply in the second half of this year and back up sharply early next year... but then “go down brutally thereafter.” You can get the full explanation of his thesis—[click here to get your Virtual Pass and watch yesterday’s Zulauf/Williams conversation right now.]( Other highlights from yesterday: - Albert Edwards, global strategist at the Société Générale, discussed the Fed’s current experiment with MMT (modern monetary theory) and the disastrous possibilities. He believes the FANGs could become one of the worst-performing sectors in the coming recession. - Mark Yusko, one of our SIC regulars, presented his contrarian mind game, “10 Potential Surprises for 2022.” He also thinks the FANGs could plunge: “They have already lost $2.5 trillion since December, but there’s still a whole bunch of downside.” - On the “Future of Energy” panel, energy pros Jay R. Young, Stuart Turley, Charles McConnell, and Peter Snell talked about draconian climate change measures versus the more realistic goal of “reducing total emissions.” They all agreed that cutting out oil and gas—which still fill 78% of our energy needs, while renewables only fill 16%—is not feasible at this time. Also, “You can’t make plastics out of a windmill.” - ARK Invest CEO and CIO Cathie Wood talked with Ed D’Agostino about her near-term optimistic view on disruptive technologies... and why vertical integration will become increasingly important for Big Tech. In tomorrow’s live sessions, you’ll see Palantir co-founder Joe Lonsdale and Niall Ferguson in conversation with John Mauldin... former chief economist at the Bank of International Settlements, Bill White... HIMCO Executive VP Dr. Lacy Hunt... former Fed insiders Tom Hoenig and Danielle DiMartino Booth... and John’s legendary “Final Panel” to wrap up the main part of the conference. Friday will be our Plus-Day with hands-on, actionable investment guidance from Mauldin Economics and guest analysts. So much valuable content—make sure you don’t miss it. [Click here to get your Virtual Pass now.](  Best, Mauldin Economics Copyright © 2022 Mauldin Economics. All Rights Reserved Mauldin Economics, LLC | PO Box 192495 | Dallas, TX 75219 [Manage your email preferences here](