Week of March 30, 2026 While many regional actors quietly support weakening Iran’s military capabilities, an active conflict raises near-term instability across the Middle East. Iran is likely to continue to respond more virulently through proxy groups and asymmetric attacks, increasing the risk of broader regional disruption and energy market volatility. Although the long-term balance … Continued

Imports, as a percentage of the region’s energy needs, have risen from approximately 50% in 1990 to 58-60% currently. During the same period, the costs and risks of importing energy have risen significantly. According to the European Commission’s latest assessment of the region’s competitiveness, businesses in Europe pay twice as much for electricity as they … Continued

Week of March 23, 2026 This week’s Signals maintain a cautious yet balanced outlook. Global equity prices have eased amid the war, but declines remain measured. A material reduction in Iranian military capabilities would support a positive longer-term outlook. Our Signals remain unchanged. Bob Bilkie, CFA

Week of March 16, 2026 President Trump has called for allied nations to deploy warships to the Persian Gulf, a move made feasible by Iran’s current isolation. This practical step suggests the passage will re-open and remain open, reducing long-term geopolitical risk. In the near term, capital markets will remain jittery given regional tensions. Over … Continued

This phrase is generally believed to have originated in the US in the early part of the 20th century.  It is a manifestation of the dilemma of being in the position where one is faced with two equally unwelcome options. One of today’s pressing problems is the increasing gap between the cost of government services … Continued

Week of March 9, 2026 The assassination of Ali Khamenei has created a power vacuum inside Iran’s ruling structure and intensified competition among clerical authorities, the Islamic Revolutionary Guard Corps, and opposition forces. Three outcomes appear plausible. Fragmentation: Central authority weakens and Iran splinters into competing factions, disrupting energy flows. Managed disorder: Internal factions compete, but the … Continued

Week of March 2, 2026 A realignment of the Middle East power structure appears imminent following the U.S. and Israeli strikes on Iran over the weekend. A known, high-risk geopolitical threat has given way to uncertainty about what comes next. Depending on how events unfold, geopolitical risk could ultimately be reduced on a more permanent … Continued

Most of us probably believe that in many instances, regulatory overload has gotten out of hand. Now comes Paul S. Atkins, Chairman of the US SEC, proposing to implement simpler disclosure rules. Investors should watch, and be prepared to applaud, if Mr. Atkins actually succeeds in promulgating revised regulations that are rooted in financial materiality … Continued

Week of February 23, 2026 Last week in The Wall Street Journal, former Prime Minister Boris Johnson argued that Donald Trump was right to push Europe to boost defense spending. For investors, the key is allocation: spending on domestic defense and tech firms, rather than imports, could create multi-year industrial and revenue tailwinds for European … Continued

Week of February 16, 2026 Amid a steady stream of global distractions — U.S. warships repositioning toward Iran, economic instability in Cuba, political uncertainty in the U.K., and the recent sharp collapse in cryptocurrencies that has called into question some long-held assumptions about their role as bona fide currencies — artificial intelligence continues its quiet … Continued