Features
Daniel Raiskin, music director of the Winnipeg Symphony Orchestra, discusses his life – from his boyhood in Soviet Russia to his coming to Winnipeg and his admiration for the Jewish community here
By BERNIE BELLAN Daniel Raiskin has been the music director of the Winnipeg Symphony Orchestra since 2018. This paper has been remiss not to have interviewed Raiskin until now, although to be fair to ourselves, he is an extremely busy fellow,
so finding a time when he could sit down and talk about his career, what life was like growing up in a Jewish family in Soviet Russia, and how he feels about spending a good part of his time in Winnipeg, was not easily arranged.
But then Covid-19 suddenly took over everyone’s lives – no matter who they are or where they live and, without much planning required, we were able to arrange to speak with Raiskin from his Amsterdam home.
At the outset of our conversation, which was conducted via WhatsAapp on Friday, April 3, Raiskin explained he’s “lived in Amsterdam for 30 years.” While he travels the world serving as guest conductor for many different orchestras, he “shares his time between Winnipeg and Amsterdam. My home is both in Amsterdam and Winnipeg,” he said.
I asked him, since he’s lived in The Netherlands for so many years whether he holds Dutch citizenship? Raiskin answered that he’s been a Dutch citizen for 26 years, although he still “has a Russian passport, too.”
At the present time Raiskin is also resigned, like the rest of us, to remaining in his Amsterdam home with his wife and two children (a son, 21, and a daughter, 16) for the foreseeable future..
“I was actually caught here between two projects – both of which were in Winnipeg,” Raiskin explained. “I was supposed to return to Winnipeg to spend 10 days there, but then things began to get really cloudy and we decided it doesn’t make any sense for me to fly into Winnipeg and get stuck there without my family, so I decided to stay here.”
We discussed how The Netherlands had taken a relatively hands-off approach to the Coronavirus to begin with, but as the danger has become more apparent, the liberal attitudes that most Dutch have in being uncomfortable with seeing their liberties restricted have begun to dissipate.
“People here are used to going to parks and to the seaside, but I’m afraid that on Monday (April 6) the lockdown is going to be announced,” Raiskin observed (on April 3).
Before we began to talk about Raiskin’s musical career, I said to him that I wanted “to take him back to his childhood in St. Petersburg.” I remarked to him that when I was a student in Israel (a very long time ago – 1974-75 to be exact). I became friends with a girl from St. Petersburg, who bragged to me that people from St. Petersburg were so much more sophisticated than Israelis, also that St. Petersburg had “the best ice cream in the world.”
I asked Raiskin whether the part about the ice cream was true.
“Yes, that ‘s very true,” he responded – “at least judging from my kids’ reaction any time we go to St. Petersburg, they say ‘this is really the best tasting ice cream.’ “
I wondered whether Raiskin was a musical prodigy as a child.
“I was not a prodigy at all,” he said. “I took up the violin when I was six – and I didn’t ‘take it up’. I was given it. It’s an old joke that with the wave of Russian Jewish immigration to Israel every second Russian landing in Israel at Ben Gurion Airport had a violin in his or her hands. Those that did not were piano players.”
“I was born into a Jewish family where music played a very important role,” Raiskin explained.
“My father is one of the foremost Russian musicologists (who is also a now retired physicist, Raiskin noted). One of the first sounds I heard when I was born was my brother (who tragically died at a the age of 34) practising his cello. By the time I was six – I like to joke my mother was so tired of carrying my brother’s cello around, she opted for something smaller for me: a violin.”
By the way, both Rasikin’s parents are alive and still living in St. Petersburg, he told me. His father’s first love was always music, Raiskin noted, but as part of the generation that grew up in the Soviet Union following World War II, it was unrealistic for anyone to make a career of music, he explained.
“He was teaching physics at a university in St. Petersburg when he was 35, but he graduated from a music conservatory when he was 40. That goes to show how important music was to him,” Raiskin observed.
“My mother stopped working a year ago (when she was 82),” Raiskin said. “She was a mathematician and a software programmer.”
I asked Raiskin whether his “parents ever endured any discrimination because they were Jewish that you can speak of? ” I added that “I didn’t want to seem naive by asking the question (since anyone who was following the fight of “refuseniks” in Russia attempting to leave Russia at the time that Raiskin was growing up would have known that anti-Semitism was rampant in that country.
” We lived in a country with a great rate of anti-Semitism,’ Raiskin answered. “My parents and my brother and me and friends all around us were all subject to state-sponsored anti-Semitism. At some point my family had also made the decision to leave (Russia), but it was too late. The Afghanistan war had broken out and everything was hermetically sealed. We got stuck.”
At that point I said to Raiskin that I wanted to talk about what it was like growing up as a young Jewish boy in Russia at that time – and how much love of music was inculcated into his and his peers’ lives.
“It was like – any given picture of Chagall has a violin in it,” Raiskin observed. “It’s part of the Jewish heritage and DNA; this whole ‘3,000 years of endurance’. Music was one of the things that kept us from getting alienated.”
At the same time though, Raiskin said that “music was not something that I particularly wanted to do. I wanted to play football and ice hockey with my mates outside. As a kid you don’t want to spend hours practising and doing scales for hours, looking out the window of your seventh-floor apartment while other kids are playing outside. I wanted to be more like them.”
“It’s very often a mistake to think that it’s the child who makes the decision at age six or seven to become a musician. Some kids are so incredibly gifted they show a unique talent at such a young age, there’s nothing else they want to do. I definitely don’t want to give the impression that I was one of those kids. I was pretty much normal and not very well behaved; I was pretty naughty.
“It was only later that I developed a real taste for music – and worked hard to become something.”
To that point we hadn’t discussed Raiskin’s particular musical interests. I noted that I had read in various articles and interviews that his favourite composer was Gustav Mahler (who was also Jewish, by the way). I wondered when Raiskin first became interested in Mahler’s music?
“You know, in fact, Mahler was not a composer whose music was very often played in my years in the Soviet Union,” Raiskin explained. “The performances of Mahler were always a great event,” but it was only one or two of his symphonies that were ever played, he noted.
“It was only with the collapse of the Soviet Union and the first Western orchestras that started to come on European tours that we really started to hear Mahler played. I’ll never forget the first time I heard Mahler’s Seventh Symphony played by the Pittsburgh Symphony…I think this was when it really hit me hard. This is the moment that I said to myself: ‘I’m going to conduct this once’…and I did, on many occasions…I try to conduct his music as often as I can.”
We skipped ahead to Raiskin’s first time coming to Winnipeg which, he said, was in 2015, as guest conductor of the Winnipeg Symphony Orchestra. There were two more appearances as guest conductor of the WSO in 2017 before Raiskin was appointed as music director in 2018.
“It was a lengthy process,” he said, “but I am, in fact, already looking back on five years of being associated with Winnipeg. It’s not like it started in 2018.”
Raiskin also observed that “no matter how successful a relationship a music director has with an orchestra – it’s never a relationship for life. It’s just the nature of the profession. It’s a marriage for a time…It’s not the conductors who play the music; it’s the orchestras. It’s about 67 musicians who play. It’s very important – the mandate we get from the musicians …and at a certain point it’s time for the conductor to go.”
However, Raiskin wanted to make clear that this is not something he is thinking about now. With his second season cut short due to the COVID-19 pandemic, he said that, |“more than ever our relationship and interdependency is being tested and I am confident we’ll get out if the crisis, whenever this might be, stronger than ever.“
Raiskin explained that, while he is contractually obligated to conduct the WSO for 12 weeks during the year, it is hugely important for any conductor to get out on the road as much as possible. He used the following analogy to illustrate his point: “A hockey player cannot perform at the highest level of his ability if he just plays home games. It’s also important how you perform outside.”
I noted at the outset of this article that, although Daniel Raiskin has been music director of the WSO for two years now, we still hadn’t interviewed him which, given that we’re a Jewish newspaper and he’s Jewish, is something that we should have done much earlier. But, since he’s now had time to get to know Winnipeg – and its Jewish community, much better, I asked him what his impression of our community was?
“I’m sure you’ve met Gail Asper,” I said (tongue in cheek; how could the music director of the WSO not have met one of the foremost supporters of the WSO – and arts in general in this city?)
“Yes, of course,” came Raiskin’s reply, “and many other people, like Laurel Malkin, and Michel Kay and Glenna Kay. You know, Winnipeg became a place where being Jewish for me suddenly started to matter in a very personal and positive way. Growing up in the Soviet Union was definitely not. I was once expelled from a music conservatory for visiting a synagogue – for the first time, just out of curiosity.
“And when you’re in a very cosmopolitan city like Amsterdam, with a very tragic history of Dutch Jews – one needs to acknowledge that there were 150,000 Dutch Jews before the Second World War, and only 15,000 survived – so, for me, connecting to the Jewish community here…like the first Rosh Hashanah dinner I ever attended was…in Winnipeg! Because some friends just took me and my wife and said: ‘Come’. I really feel that it matters in a very positive way that I’m Jewish and I can connect to many people in Winnipeg and many in our audiences are Jewish.”
“I feel more Jewish than ever since coming to Winnipeg,” Raiskin suggested. “Jewish music is so important to me. One of the first things I recorded as a musician – as an instrumentalist, was a complete edition of music for viola and piano by Ernst Bloch, the foremost Jewish composer.”
At the end of our interview we discussed the devastating effect that the current crisis is having on people’s lives – in so many ways. Raiskin said that he was still fully involved in planning for the coming season of the WSO – and for the season after that as well.
In terms of assessing people’s hunger for music, he had this to say: “I think there will be a sense of growing hunger…our souls and our spirits are being so hollowed, there will be a growing need to fill in this gap – and this is where we can step in.”
Raiskin closed our interview with this observation: “I feel: today, more than ever, people feel how important arts and culture are to them. We suddenly realize that we use art to communicate with each other!“
Features
Bias in America’s Colleges Produced Modern Anti-Zionism
By HENRY SREBRNIK Jon A. Shields, Yuval Avnur, and Stephanie Muravchik, professors at the Claremont Colleges in California, have just completed a study, “Closed Classrooms? An Analysis of College Syllabi on Contentious Issues,” published July 10, 2025, that draws on a database of millions of college syllabi to explore how professors teach three of the most contentious topics: racial bias in the criminal justice system, the Israel-Palestine conflict, and the ethics of abortion.
They used a unique database of college syllabi collected by the “Open Syllabus Project” (OSP). The OSP has amassed millions of syllabi from around the world primarily by scraping them from university websites. They date as far back as 2008, though a majority are from the last ten years. Most of the data comes from universities in the United States, Britain, Canada, and Australia.
“Since all these issues sharply divide scholars, we wanted to know whether students were expected to read a wide or narrow range of perspectives on them. We wondered how well professors are introducing students to the moral and political controversies that divide intellectuals and roil our democracy. Not well, as it turns out.”
In the summary of their findings, “Professors Need to Diversify What They Teach,” they report that they found a total lack of ideological diversity. “Across each issue we found that the academic norm is to shield students from some of our most important disagreements.”
Teaching of Israel and Palestine is, perhaps no surprise, totally lopsided, and we’ve seen the consequences since October 7, 2023. Staunchly anti-Zionist texts — those that question the moral legitimacy of the Israeli state — are commonly assigned. Rashid Khalidi, the retired professor of Modern Arab Studies at Columbia, is the most popular author on this topic in the database. A Palestinian American and adviser to the Palestine Liberation Organization delegation in the 1990s, Khalidi places the blame on Israel for failing to resolve the conflict and sees the country’s existence as a consequence of settler-colonialism.
The problem is not the teaching of Khalidi itself, as some on the American right might insist. To the contrary, it is important for students to encounter voices like Khalidi’s. The problem is who he is usually taught with. Generally, Khalidi is taught with other critics of Israel, such as Charles D. Smith, Ilan Pappé, and James Gelvin.
Not only is Khalidi’s work rarely assigned alongside prominent critics, those critics seem to hardly get taught at all. They include Israel: A Concise History of a Nation Reborn by Daniel Gordis, a professor at Shalem College in Israel. Gordis’s book appears only 22 times in the syllabus database. Another example is the work of Efraim Karsh, a prominent historian. His widely cited classic, Fabricating Israeli History, appears just 24 times.
For most students, though, any exposure to the conflict begins and ends with Edward Said’s Orientalism, first published in 1978. Said is the intellectual godfather of so many of today’s scholars of the Middle East, thanks in no small part to this classic book. Said was a Palestinian-American academic, literary critic, and political activist from a prominent Christian family. Educated at Princeton and Harvard Universities, two of America’s most distinguished centres of higher learning, he taught at Columbia University, another Ivy League institution, until his death in 2003.
Said was no crude antisemite. His writings were aimed at academics and intellectuals and he has, in my opinion, done more damage to the Jewish people than anyone else after 1945. Said claimed to be the first scholar to “culturally and politically” identify “wholeheartedly with the Arabs.” But he was also a political activist for the Palestinian movement opposing the existence of Israel.
Said warned PLO leader Yasir Arafat that if the conflict remained local, they’d lose. Join “the universal political struggle against colonialism and imperialism,” with the Palestinians as freedom fighters paralleling “Vietnam, Algeria, Cuba, and black Africa,” he advised.
(In this he was not the first, though. Fayez Sayegh, a Syrian intellectual who departed for the United States and completed his Ph.D. at Georgetown University in 1949, preceded him. Also an academic, his 1965 monograph Zionist Colonialism in Palestine stands as the first intellectual articulation of Zionism as a settler colonial enterprise, arguing that the analytical frameworks applied to Vietnam and Algeria apply equally to Palestine. The treatise situated Zionism within European colonialism while presenting it as uniquely pernicious.)
Israel’s post–Six-Day War territorial expansion helped Said frame Israel as “an occupying power” in a 1979 manifesto titled The Question of Palestine. Alleging racial discrimination as the key motive was a means of transforming the “Zionist settler in Palestine” into an analogue of “white settlers in Africa.” That charge gained traction in a post-Sixties universe of civil rights, anti-imperialism, anti-colonialism, and Western self-abnegation. The work sought to turn the tables on the prevailing American understanding of Israel: It is not, in fact, an outpost of liberal democracy or refuge from antisemitism, but an instrument of white supremacy.
Orientalism popularized a framework through which today’s advocates on behalf of Palestinians understand their struggle against the state of Israel and the West generally. Said casts the Western world as the villains of history and peoples of the East as its noble victims.
The essence of the book, Said concluded, is the “ineradicable distinction between Western superiority and Oriental inferiority.” It falsely affirms “an absolute and systematic difference between the West, which is rational, developed, humane, superior, and the Orient, which is aberrant, undeveloped, inferior.”
So it was impossible to take Zionism seriously as one among the myriad nationalist movements that emerged in the nineteenth century, much less to see Israel itself as a land of refugees or the ancestral homeland of Jews. And, indeed, Said’s Orientalism singles out Israel for special rebuke, suggesting that the state could be justified only if one accepted the xenophobic ideology at the core of Western civilization. Israel’s defenders, particularly those who lament the lack of democracy in the Middle East and fault Arabs for their militancy, represent the “culmination of Orientalism.”
Said is widely acknowledged as the godfather of the emerging field of postcolonial studies, and his views have profoundly shaped the study of the Middle East. Said also inspired – and in some cases directly mentored – a generation of anti-Zionist U.S. scholars whose dominance in the academic study of the area is unquestionable today.
The political left that emerged trained itself to read every conflict as the aftershock of colonialism. The ideological narrative of oppression and resistance allowed even the jihadist to become a post-colonial rebel.
It’s hard to overstate the academic influence of Orientalism. The authors note that “As of this writing, it has been cited nearly 90 thousand times. It is also the 16th most assigned text in the OSP database, appearing in nearly 16 thousand courses.” Orientalism is among the most popular books assigned in the United States, showing up in nearly 4,000 courses in the syllabus database. Said’s work appears in 6,732 courses in U.S. colleges and universities.
But although it was a major source of controversy, both then and now, it is rarely assigned with any of the critics Said sparred with, like Bernard Lewis, Ian Buruma, or Samuel Huntington. Instead, it’s most often taught with books by fellow luminaries of the postmodern left, such as Frantz Fanon and Judith Butler.
All these ideas are now embedded into diversity, equity, and inclusion identity politics, and “humanitarian” outrage over supposed Israeli “settler-colonialism,” “genocide,” and “apartheid.”
The ground for the massive pro-Hamas college and university encampments, and attacks on Jewish students, was prepared decades ago. The long march of progressives through American institutions over the past decades has taken its toll on society.
Henry Srebrnik is a professor of political science at the University of Prince Edward Island.
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.