by Bill O’Grady
On April 29th, Saudi King Salman announced a set of changes to his cabinet and to the order of royal succession. We believe these changes are very significant, perhaps the most critical since the first royal succession in 1953.
In this report, we will detail the changes announced by King Salman. To put these changes in context, we will provide a short history of the important succession plan that was established in 1964. With this background, we will show how the king’s announcement represents the first change in the program and discuss how these changes could affect the future stability of the kingdom. As always, we will conclude with potential market ramifications.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.