Adam Kobeissi(@TKL_Adam):Directly from Step #10 of our "Conflict Playbook:" "By the time negotiations become credible, investors are typically defensively allocated. Energy exposure is elevated, equity risk has been reduced, and volatility is elevated due to the implicit uncertainty. When uncertainty suddenly collapses, those positions unwind quickly, as seen in April 2025, August 2025, October 2025, and January 2026." We can now add April 2026 to this list.

2026.04.17 13:29

Directly from Step #10# of our "Conflict Playbook:" "By the time negotiations become credible, investors are typically defensively allocated. Energy exposure is elevated, equity risk has been reduced, and volatility is elevated due to the implicit uncertainty. When uncertainty suddenly collapses, those positions unwind quickly, as seen in April 2025, August 2025, October 2025, and January 2026." We can now add April 2026 to this list.