Week of June 16, 2025
We have long recognized the global significance of instability in the Middle East—particularly involving a major antagonist like Iran—and consistently reflect this awareness in our Signals. The war that began last week between Israel and Iran will undoubtedly have far-reaching, long-term implications for global stability and markets. Given the relative strength and sophistication of Israel’s political, military, and technological ecosystem, it is difficult to envision an outcome in which Israel does not ultimately prevail, however that victory is defined. Should regime change occur in Iran, the global repercussions could be notably more constructive. At this time, however, our Signals remain unchanged.
Bob Bilkie, CFA
