There is war in the middle east again! Today we talk about the recent escalation of conflict between Israel and Iran, with speculation that the U.S. may be involved indirectly. Media narratives are particularly frustrating, with uncertainty and conflicting reports make it difficult to know what’s truly happening. This definitely parallels the financial markets, particularly with how differing narratives shape reactions during times of volatility with many often making moves on perception rather than confirmed facts. The war could potentially impact on oil prices and inflation among other global economic repercussions despite the U.S. being more energy independent. Today we discuss...

• War has reignited in the Middle East, with Israel attacking Iran and missiles flying in both directions.
• There's confusion about U.S. involvement, with implications that support for Israel exists behind the scenes.
• The biggest economic concern is the potential for rising oil prices and inflation due to conflict.
• Oil futures spiked shortly after the attack, raising suspicions of insider trading among politicians.
• The discussion draws parallels between the chaos of war and financial markets—both are driven by incomplete, misleading, or rapidly evolving information.
• The role of algorithms and the lack of liquidity are blamed for severe price swings during market disruptions.
• Humans feel compelled to understand market movements even when there may be no clear explanation.
• Market price is the most honest signal, but its drivers are often unknowable or misleading.
• The U.S. is stepping back from global policing, reinforcing an “America First” geopolitical posture.
• China is rapidly overtaking Western industries like autos, robotics, and nuclear energy.
• Global money printing continues to fuel equity markets despite mixed economic signals.
• Investment strategy should focus on capital flows, not moral preferences or outdated macro narratives.
• ESG investing appeals to emotions, but maximizing returns and funding good later may be more effective.
• Google quietly changed its algorithm to penalize independent contractors on major media platforms.
• Search is undergoing a dramatic transformation due to AI, fundamentally changing how users and companies interact with information.
• Google’s ad business is threatened as users shift from browsing search results to receiving direct AI-generated answers.
• New technologies upend existing industries, especially if introduced abruptly without time to adapt.
• The global AI race—especially against China—is accelerating progress beyond what’s safe or manageable.
• AI will likely displace workers not all at once, but gradually as its capabilities expand and efficiencies are realized.
• AI thinks differently than humans—it doesn’t require order or structure to understand inputs.
• Learning how to think and work with AI is becoming a crucial new skill set.