CHG Issue #221: Regime Change Three weeks into the war the markets have begun to settle into a new risk on, risk off regime. We can see it emerging in the back-and-forth reactions to the headlines last week. Monday through Wednesday alternated risk on, risk off and then Thursday and Friday were risk off. As we observed previously risk positions were cut after the initial shock of the attacks and now investors and algorithms are starting to make new bets based on the patterns