No Non-Cents Blog

Periods of geopolitical tension tend to feel different while you’re living through them. The headlines are more urgent. The risks feel less theoretical. The temptation to “do something” increases. The recent conflict involving Iran is a good example. Markets reacted quickly—oil prices moved higher, equities pulled back, and volatility increased across asset classes. And yet, as conditions stabilized and uncertainty began to ease, markets adjusted. This pattern is not new. In