I have long believed that it was possible for the Germans to get to a strong position that might have led to a "stalemate" and hence a negotiated peace in World War II/ The main ways were: 1) conquer the remainder of European Russia; 2) the Germans break through southern Russia and the Japanese break through India, joining hands in the Middle East; 3) U Boat warfare to force the surrender of Britain.
In support of this idea, Prime Minister Winston Churchill, both a historian and a historical figure, was apparently referring to the last possibility with the statement "The U-Boat attack was our greatest evil... It would have been wise for the Germans to stake all on it." Clearly, he thought that the Germans had done this (and succeeded), there would have been, shall we say, complications in the Germans' favor. (The Americans might then have concentrated their efforts in the Pacific to save China, India, and part of Russia.)
Has any other historian or historical figure alluded to this or analagous possibility that the Axis' best potential was that they could have won a favorable settlement through any of the means mentioned above or others?