Cathie Wood of ARK is in the headlines for an ill-judged investment commentary. Could ARK be headed for the wall as its disruptive investment strategy of buying illiquid companies that sacrifice profits to be part of the “innovation age” crashes? Watch this space…

Climate Change and Energy Transition is one of the great challenges to capitalism and market economies – but there is no reason to fear it. Its complex, but infinitely solvable. The technologies exist to achieve carbon neutrality by 2050 at a cost far less than doomsters fear.

Lockdowns and travel restrictions highlight the economic damage Omicron has done to the whole European Economy. Corporate resilience will be severely tested – whatever governments decide. The likelihood of stagflation has risen, but markets are likely to benefit from buy-the-dip mentality as investors weigh-up renewed government support if/when it turns nasty!

Let me present a list of things to worry about next year. Inflation, US and China growth, Stagflation, Central Banks, Stocks, Climate and Equality, etc, etc.. But the big risks will be the consequences of US Politics and a Liquidity Meltdown in the Credit Markets.

“The future may dimly be perceived through the veil of the past”, sounds like bad poetry, but has a point. The confusions and conflabulations that characterised 2021 will likely set the tone for what’s coming – what were the key themes of 2021? Best to understand them before trying to fathom what comes next.

The problem with money is there is just too much of it, and all the wrong people have got it.

Evergrande will default, but the Chinese economy will probably avoid a property contagion crisis as the government becomes increasingly interventionist. Longer term, how will China evolve to cope with Covid, Growth and Demographics?

On the 80th anniversary of Pearl Harbour, it’s worth asking could it ever happen again? A conventional war over Ukraine is clearly a threat – but is it one the Russians would risk without first trying to significantly weaken the West’s resilience though a cyberstrike? As they sow, so would they reap.

Forget everything you think you know about inflation. It is not solely a consequence of “monetary phenomena”, but largely about the behaviour of crowds. That’s why it’s so dangerous to growth and markets.

Saxo’s Outrageous Predictions for 2022 include a rain check on ESG fundamentalism holding back fossil fuel investments necessary to enable energy transition to new reliable renewable sources. It’s one of these things that has to happen, or else energy instability will crush economies.