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Mike Kofman and Ryan have a high-level conversation on strategy in this war, or the lack thereof. From Ukraine’s mobilization reluctance to the Biden administration’s curious approach to sequencing authorities and capabilities, they review what might ultimately cost Ukraine the war. And make no mistake, that is where the war is trending. Ryan also runs an idea by Mike on how the issue of security guarantees might work in the event of a peace settlement, in a way that doesn’t involve NATO directly.