War is raging in Eastern Europe, and markets well beyond active military operations are experiencing their own macro stressors. How will financial markets respond? “If you want an edge,” says Andreas Steno Larsen, “you need to look at the demand side, because everyone is still looking at the supply side.” Larsen, Director and Head of Research at Heimstaden, suggests that a spiraling European energy crisis will lead to a breakdown of consumer demand. At the same time, notes 42 Macro founder and CEO Darius Dale, this crisis is broader and deeper than the current Russia-Ukraine conflict. According to Dale, “We are seeing structural weakness develop in the U.S. economy.” Dale warns a recession could be around the corner. Solutions for investors seeking alpha, according to Larsen, just might be controversial vehicles like Chinese companies and European coal assets. Recorded on February 24.