"Resource risks will outweigh increasingly marginal military gains. The outcome depends on three Ms: Munitions, Markets, and Midterms." Long energy, short everything else until Hormuz reopens.

"Asset performance in 2026 is ominously close to price action seen from mid'07 to mid'08." Oil doubled to $140 in 2008; Iran war has pushed oil 60%+ higher this year.

"We expect trading to stay headline-driven, somewhat volatile and a higher range to form while tail-risk targets remain a risk." $120 marks a short-term top.

"The Hormuz blockade is 17x larger in oil market impact than the peak Russian production disruption." Q4 Brent $71, WTI $67. June Fed cut hard to justify.

"Even assuming NVDA EPS growth is in line with cloud capex, trading at ~14.5x CY28E — we believe this is simply too great a penalty."

"We have still not come across a single Software company that expects a negative revenue effect from AI in 2026."

"AI platforms entering travel is entirely different from Google. Google refined the model. AI could change it entirely."

"Linde has a large storage cavern for helium inventories — specifically for roughly one half year of global demand."

"China's CSI 300 barely budged, slipping just 0.1% vs Japan -7%, Korea -10%, India -5%. Goldman reiterated overweight."

"Vehicle volumes +43% q-o-q and +71% y-o-y, outperforming the broader EV market. Vehicle gross margin rose to 18.1%."