• If Russia enacts a naval blockade around Ukraine’s ports, as many believe it might, there would be a significant impact on global agricultural trade. 90% of Ukraine’s exports are transported by sea. China may be incentivized to intervene. China accounted for 21% of Ukraine’s grain exports and 30% of corn imported into China comes from the European nation. 
• The S&P500’s dividend yield is currently 1.38%, which is roughly 0.6% lower than the yield an investor can achieve on a much safer 10-year treasury bond. That being said, investors seem to still be attracted to companies that are willing to return cash back to them through dividends. Dividend-paying companies are up 5% over the past three months while non-payers are down 3.8%
• Not all of the mega-tech companies should be treated equally by investors during this market correction. Apple, Google, and Facebook all trade at a reasonable 27x projected free cash flow or less. Meanwhile Nvidia, and Tesla trade at an expensive 49x and 107x projected free cash flow and Netflix does not even generate positive free cash flow at all. 
• Most investors have only been focusing on US-China tensions, but India-China tensions have also been increasing. Last week the Indian government banned 54 mostly Chinese mobile apps for security reasons. Additionally, authorities have started searching the offices of Chinese tech company Huawei based on claims of tax evasion.