Subject: Main pressure point for markets
There is a substantial difference between risk and uncertainty from a psychological point of view - and stock market performance is frequently affected by this difference.

The primary uncertainty today revolves around the length of time the major disruption in global energy supply (as well as physical risk and other factors) will be in effect. If it is a matter of weeks, it can be shrugged off. If its a matter of months, the trauma could be significant enough to pop the balloon that everyone has watched expanding with their peripheral vision.

Jeff
(Currently in Portland, Victoria, Australia)