You probably want to fade this a little bit. The Marine Expeditionary Force is coming. Five more days gives time for them to get closer and provide additional leverage. We want to do more attacks on the Iranian coast to destroy their ability to attack the Strait of Hormuz.

I think we're a long way from being able to say the Strait might be open or that Iran agrees to anything. This is a little bit back to where we were Friday night.

I think we will see in the next 24 hours if we continue to hit their military targets. He has not backed off the overall military strategy. I suspect we continue with that military strategy, which Iran has to counter.

I think that's really difficult. Iran still has demonstrated their ability to keep ships from going into the straits. We need to either prove that we can allow ships to transit or do something more aggressive.

We're in a race against time where the things we need to do take time, and the pressure on oil markets and downstream products is coming back. That's why this is a delay.

I want to be long actually Treasuries now. I think we kind of hit this point, and maybe want to see if we fade a little bit from here.

We are either going to get higher oil prices, which at some point are going to scare the global economy enough that we rally on Treasury, or we're gonna get this little pause where rates can rally.

I'm also trying to figure out what's the way to invest in European defense. I'm trying to figure out who in Europe's gonna make drones.

If I look at Europe trying to make their own military at some point, it's not going to happen anytime soon with aircraft carriers or tanks or jets, but I think maybe they can do something in the drone space.

Global energy production is still going to be a key. Europe in particular is going to wake up and say it is insane that we ignore the North Sea, that we ignore so many of our own energy resources.

I think you'll see this real global push to be much more independent and almost vertically integrated nations. Oil field services, those companies will still do well. Maybe fade a little bit while oil comes off, but this is a multi-year play.

All these things that we were looking at as the data center AI trade, I think are going to be electricity independence trade. Those are where I want to add my money.

We are moving to a system where every country is a little bit more independent. You go from one steady state to another steady state, there's often volatility and violence in between.

Countries that figure this out are going to say, how do we make sure we're not in that same state four years down the road? I think you'll see real push on this. You'll see Europe to fracture along the lines.