“The greater the difficulty, the more glory in surmounting it. Skillful pilots gain their reputation from storms and tempests.”
– Epictetus

The Through Line: When the U.S. and Israel launched joint military operations against Iran last Saturday, traders initially showed remarkable restraint. That changed as the week wore on, however, and hostilities intensified rather than resolved. Markets typically move past geopolitical upsets quickly – especially when the fundamental stepping off point is as robust as it currently is. In the long term, we expect this situation will spool out similarly, though it may take time (and additional market volatility) to get there.

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