721 We are currently in a very uncertain period of abnormally high inflation, increasing interest rate cycles, increased global geopolitical risks, decreasing global liquidity and potential recessions. Although recessionary fears seem to have abated for the time being, at GraySwan we remain cautious of implementing shorter-term strategies against a backdrop of market uncertainty. Instead, we urge investors to consider hedging as an effective risk management tool to provide better portfolio protection and diversification.