Operation Fun Run

Iran again. Yes, again :( nobody's thrilled, but that's the content. The cousins break down a week of tanker attacks, retaliations to retaliations, and a 20% toll that became "great investments" in 24 hours. Marko's pitch: stop forecasting oil prices and start using them - they're an input, not an output. Jacob pushes back on who actually wants what. Then Japan, where rising yields and a yen at 162 have the macro world whispering about the carry trade. Plus a super El Niño, and the World Cup - because apparently the whole planet is rooting for England now. Rare.

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Timestamps:

(00:00) - Welcome and agenda

(00:36) - Iran flare-up timeline

(03:28) - Why Iran escalates

(06:59) - Oil prices drive conflict

(20:24) - China signals and forecasts

(23:18) - War 2.0 and Hormuz limits

(28:46) - Rangebound Oil Equilibrium

(30:33) - Hormuz Alternatives Rising

(32:50) - Spiral Risk And CPI