Act in haste, repent at leisure.     -Proverb Mr. X: “Iran doesn’t need to defeat the US military; just the UST market.”     -Title of 3/3/26 edition of FFTT There is no instance of a country having benefited from prolonged warfare.     -Sun Tzu, “The Art of War” (Chapter 2) You know what they’re calling this bond drive? The Mighty Seventh. They might’ve called it the “We’re Flat F*cking Broke And Can’t Even Afford Bullets So We’re Begging For

Today is one of the biggest gaps between perception and reality we can recall ever seeing in our 30-year career in investment research: Most likely policy options/paths forward from here based on what we know today:

We’re experiencing the largest loss of oil supply in history (3x bigger than 1973 Arab oil embargo). The level of complacency to me is staggering. Prior playbooks do not apply!     -Energy analyst Eric Nuttall, via X, 3/5/26 A ceasefire is not on the Iranians’ agenda right now. A ceasefire may come after we’ve imposed costs high enough that the Americans don’t willy-nilly attack us again…One huge problem with American decision-making is that it really takes