PA Portfolio: How are you reacting to Russia/Ukraine?

David Coombs, head of multi-asset, Rathbones The potential here is that Russia invades Ukraine, gas gets cut off to Europe and energy prices soar. All of that is massively negative for markets. However, I do not think Putin wants to see his energy exports suddenly cut off. He is not the old soviet, Stalin-esque type leader; he has got to keep the domestic economy rolling on and that is heavily reliant on exports. So there might be a lot of sabre rattling and chest beating going on but I genuinely feel it is slightly overdone. We have not seen a massive spread widening in emerging ma...