Joy To the World

On Christmas morning, Bloomberg News reported that the Russian military cargo ship that sank in the Mediterranean Sea earlier this week was the target of a terrorist attack, according to Russian state-run media. The Ursa Major, Russia's largest cargo vessel, suffered a series of explosions on its right side, was lost on Monday, had a cargo capacity of 1,200 tons. 14 members of the 16-member crew were rescued. On Christmas afternoon, Bloomberg News reported that Russian forces had launched a large-scale attack on Ukraine's energy generation infrastructure, forcing Ukrenergo, the nation's electricity utility provider, to limit supply for the day. Ukrainian President Volodymyr Zelenskiy posted on the cloud-based social media platform Telegram, that Russia had fired 70 missiles, and more than 100 drones in the attack and that some of the missiles were ballistic in nature.

Their attack on the nation's energy infrastructure, which is not a new idea, came just five days after Russia's first attack on the capital city of Kyiv in close to a month. I was thinking of further reducing my long positions in large US defense contractors ahead of the inauguration and the potential impact of the DOGE boys on fiscal policy, but maybe I'll just hold that thought for a little bit. Maybe I have reduced these holdings enough. The world is still a dangerous neighborhood.