I analyzed fifty S&P 500 10-Ks.

The data is wild.

I scanned for 8 risk themes: tariffs, war, geopolitical risk, oil/energy, sanctions, supply chain, interest rates, and recession.

Morgan Stanley has 221 mentions of massive geopolitical risk.

Citigroup has 269 total mentions. Bank of America had 102 mentions. Chevron has 188 oil mentions.

NVDA has 50 mentions of "sanctions" alone in their filings. The entire AI boom runs on a supply chain that cuts through Taiwan, China, and the Strait of Hormuz.

Historically, when US companies get hit by a black swan event, governments step in to save them.

But what happens when the GOVERNMENT is the one causing the crisis?

Trump's tariffs. The Iran conflict. A potential Strait of Hormuz closure.

These are policy decisions.

You can ignore what CEOs say on TV. You can't ignore what they're legally required to file with the SEC. The banks are scared.

Banks bet on peace and stable economies.

They are scared of credit defaults. Trade finance collapsing. The global credit system seizing up.