In my nearly 76-year lifetime, I have never seen as many hot spots around the world as there are now. Starting with Ukraine, we follow with Gaza Strip, Taiwan, Venezuela, Iran, Greenland and perhaps one or two more. The Chinese Belt and Road Initiative has made substantial inroads in South America, an important source of the world's pulp.

My local indicator is the SPDR Gold ETF. I have 25% of my stock account which my wife allows me to play with in this. It has nearly doubled in price in the last year. For 3,000 years gold has been the flight to safety investment.

How do we prepare for war as an industry? The one grade of paper that always seems to be in demand, although the demand is very low, is dielectric paper. Insignificant.

Wars seem to be rather quick and involve fewer soldier casualties (but lots of civilians) these days.

Other ways we can be affected is delivery of spare parts made in foreign lands, delivery of pulp and any other transportation or communications issues.

Any pulp and paper company practicing foresight should at least check in on this subject. History says wars are a surprise. Don't get caught without at least the start of a plan.

Jim Thompson is CEO of Paperitalo Publications.