Ed Elson

So,

Justin, first Trump tells us that we're having these constructive talks with Iran.

It starts to look like maybe the war is coming to an end.

Then Iran tells us, no, that didn't happen.

Markets kind of digested that.

They sort of fell down a little bit, but ultimately they're still up.

What do you make of what we've learned here in the past 24 hours?

What do you think about how investors are going to make decisions based on what they believe or don't believe going forward?

Because, I mean, it's clear that literally the entire world, the entire economy, all of global markets depend on these questions here, on what happens in Iran, what happens in the Strait of Hormuz.

And as we're learning more and more, it's also going to, I mean, our entire economy is going to depend on this question.

If this,

if this area remains closed, then we will see unbelievable amounts of inflation.

I mean, if we see oil consistently remaining at, I mean, let's call it $150, maybe $200 a barrel.

I mean, the implications are tremendous here.

And it all comes back to literally like, what is this guy going to do?

And do we believe him?

And it reminds me of Greenland.

It reminds me of the tariffs.

And then it just brings up this question like, are we in the same position again?

Where we're basically just hanging on to his every word, making decisions about his every word, which often just don't pan out to be even true.