Geopolitical tensions and energy price risks are testing market resilience, but David Nicholas says stability in high‑yield credit suggests equities may avoid a worst‑case outcome. He highlights a shift toward quality assets, including a strategy that pairs commodities with miners to capture upside in gold and silver. Nicholas also sees opportunity in select defense names like AeroVironment (AVAV), while arguing investors must adapt as A.I. reshapes both defense spending and traditional wealth management.