Disclaimer: This artefact is a record of published analytical work and scenario frameworks. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Past analytical accuracy does not guarantee future performance. Scenario probabilities are subjective assessments, not model outputs. M Nadal & Co Strategic Advisory is not authorised or regulated by the Financial Conduct Authority. Directed only at investment professionals and high net worth entities as permitted under FSMA 2000 (Financial Promotion) Order 2005. The author holds or has held positions in instruments discussed.