May their goals be achieved/Gary Friedman speaks

May Israel achieve the safety, security and peace of mind by destroying the means and personnel that threaten their existence and may many in Iran who have been yearning for freedom for decades from the repressive regime finally get a chance to live it.

As for the economic and market implications, historically major geopolitical events such as this have had a fleeting impact and we of course hope this is again one of those times. That said, the rally in oil prices I believe has legs, also for other reasons stated many times here, and we'll have to see what the impact this has on shipping lanes in the Middle East and elsewhere. US Treasury yields are actually higher surprisingly but has had a nice rally already this week after the good 10 and 30 yr auctions and benign inflation stats (with pockets of tariff induced price gains). Gold is near a record high. We'll see what resiliency the S&P 500 has now that it is back to the highs and is trading at 23x 2025 earnings (higher than the last time the S&P was at current levels because of a lower EPS estimate).

RH is up notably pre-market as while they missed the revenue estimate, EPS exceeded on better margins. Gary Friedman is always interesting and colorful and this is some of what he said last night: