One of our Black Swan events is rapidly emerging: Russia is looking as though they plan to annex at least the Eastern part of the Ukraine. What would Russia gain if they succeed? Regardless of events this week, the new trends in bonds and stocks are down in response to the high expectation we’ve prepared for since early 2021. This year has the potential to reveal substantial bond and stock sell-off’s despite the U.S. stock market’s long term resilience.