No. 13: The Big Brewers’ 2022 financial outlooks: Don’t ask, don’t tell?

The Big Brewers issued their 2022 financial outlooks in February. They were remarkable insofar as Carlsberg, Heineken and AB-InBev refrained from commenting on geopolitical risks to their businesses – at a time when all our eyes were turned to Russia and its looming invasion of Ukraine. What can this possibly mean?