Has a Swan Emerged? (Plus Quality, Value and Income Plays for 2025)

Well, Oregon doesn't look good... and we're looking for quality and value.

Dear Fellow Expat:

Ukraine just cut off Russian gas flowing through their territory to Europe.

It was a big move, but Europe saw it coming. They've dropped Russian gas from 40% to 8% of their supply since 2022. So… don’t overreact to the headlines.

Money-wise, Ukraine is losing $800M/year in transit as Gazprom is taking a $5 billion hit in sales after this morning’s annoucement.

Ouch.

For Europe, this news mainly hits Austria, Hungary, and Slovakia.

But here's the thing - they've got backup plans. They're using:

• US liquefied natural gas (LNG)

• The Norwegian pipeline gas

• One remaining Russian pipeline through Turkey (Turkstream)

Gas prices will probably jump when markets open, but we're not discussing crisis levels.

Europe has been prepping for this, and they've had a mild winter so far.

Where’s the opportunity?

Europe might find it more challenging to stock up for next winter. Prices are already more than double the usual level and could increase further in 2025.

The bottom line is that Europe…