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Markets have been a lot calmer in June. Asian frontier markets turned up winners in June. EFM ASIA +1.24%, EM (EMERGING MARKETS) +0.54%, USA +0.48% despite the rate hike. European markets tanked have lead the losers in June whatever may be the reason - euro strength or some profit taking in higher beta space. Oil priced managed to stay neutral in June but its 10.8% drop YTD shows that oil price is under pressure anyway ; despite OPEC action. As new tech and new supply from the US manage investor's negative expectations. World has been a bit quieter in June yielding to diplomacy and the key players have been choosing sides. President Trump visited Saudi Arabia and stroke a 110bn$ arms deal, leaving little hope to those who thought that US can give a chance to Iran to also be its partner in the region. Trump also met with in Saudi Arabia with Mohammed bin Salman, who was later appointed as next-in-line to the throne. In Russia (beginning of July actually) Xi met Putin as Russia is being pushed into a much more intimate relationship with China in light of western sanctions that have been toughened in June. The new Silk Road that is being planned through Russia this time (unlike its previous version) was one of the central points of the meeting. The new version of Silk Road is bound to Germany where the upcoming G20 meeting is yet another global forum where key acute points in politics are to be addressed in on weekend. For us at MidLincoln the new Silk Road investment theme is the key global topic. Kazakhstan (once a part of Sogdiana - biggest leg of the old Silk Road) is in the center of the new Silk Road as well. It is also one of the strongest markets this year, country which benefits the most from the New Belt.