Without a doubt, the geopolitical tensions between US/EU/Ukraine and Russia have been the most important factor for the recent market correction since July. The MH17 plane crash raised the potential for military conflict and resultant escalation in sanctions from both sides have already borne out some effect on company earnings guidance for Q3. However, our base case scenario is for the crisis to be resolved peacefully, and sooner rather than later simply because both sides are currently suffering significant economic effects and in such cases, compromise usually follows after some time. As this overcast is lifted, markets will begin to recover.