Taliban go from rebel to ruler in Afghanistan
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Taliban complete their territorial sweep in Afghanistan as military melts away in Kabul, Ghani flees, government resigns
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We expect China, Pakistan, and Russia to engage with the new government but the US and India to view it as illegitimate
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Remains to be seen if Taliban have full control of state and security and whether they seek revenge or reconciliation
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.