Not investment advice.

The war is moving markets and while I am not a military expert, I talk to them.

Seth G. Jones is president of the Defense and Security Department and Harold Brown Chair at the Center for Strategic and International Studies. He served in the Office of the Secretary of Defense and U.S. Special Operations Command and has written widely on both Russia and Iran. Said differently, he has expertise I lack, and I thought sharing our conversation would be of interest to you.

Given that things are moving quickly, I’m releasing this conversation unedited (yes, there are a few background noises and “umm”s that are normally edited out). I will likely not post later in the week.

This document is strictly confidential and is intended for authorized recipients of “A Letter from Paul” (the “Letter”) only. It includes personal opinions that are current as of the date of this Letter and does not represent the official positions of Kate Capital LLC (“Kate Capital”). This letter is presented for discussion purposes only and is not intended as investment advice, an offer, or solicitation with respect to the purchase or sale of any security. Any unauthorized copying, disclosure, or distribution of the material in this presentation is strictly forbidden without the express written consent of Paul Podolsky or Kate Capital LLC.

If an investment idea is discussed in the Letter, there is no guarantee that the investment objective will be achieved. Past performance is not indicative of future results, which may vary. Actual results may differ materially from those expressed or implied. Unless otherwise noted, the valuation of the specific investment opportunity contained within this presentation is based upon information and data available as of the date these materials were prepared.

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