Smart Thought Of The Week War Just when we thought that we had overcome one crisis than another rears an ugly head. This time it is not an invisible deadly pathogen but the possibility of armed conflict on the borders of Ukraine and Russia. The threat, which seemed academic only a few weeks ago, is looking more real by the day. According to the BBC, more than a dozen countries, which include the US, the UK and Germany, have told their nationals to leave. The US has warned that Russia could invade its neighbour at any moment. In times of geopolitical tensions, safe havens tend to do well, and risk assets could fare badly. It is not entirely surprising, therefore, that some investors have piled into bonds. It has brought down the yield on 10-year Treasuries from 2.04% to 1.94%. It seems that a hike in US interest rates in March, which was a nailed-on certainty, could now be delayed....