Every day over the last two months I seem to ask myself what is the latency of economic degradation that will result from the closure of the Strait of Hormuz? These are issues not yet in the performance data. They are not those related to the “news” of a tweet which appear to drive trading desks that clear their positions by the end of the week. It leads me to wonder how many portfolio’s original assumptions are about to become largely irrelevant.

It is even possible to model the proforma performance post the seismic impact of the war with Iran ?