Katie Martin

Like what?

Yeah.

Did I miss did I miss something like I don't get this.

Yeah, there's this simmering tension between the UAE and Saudi over the years.

Saudi is kind of the biggest beast in OPEC.

So this almost certainly has something to do with that.

But yeah, it just feels a bit like every man for himself, which doesn't feel like a great place to be.

So, you know, in moments where you have these big stories like this breaking, people look to podcasts like this to say, what does it all mean?

And our answer is, we don't know.

Yeah, maybe US stocks are the new safe haven.

Pass it on.

Like I have heard this idea expressed like completely sincerely that there has been like a reordering of where safety is in markets.

And maybe it's here.

And like an additional interesting thing that's going on here is I've read quite a bit of analysis from like a couple of different places recently that have both pointed out that

where you see US stocks rising, it's not rising because of the usual reasons why US stocks rise, which is just like hope and expectation and hype and effectively investors paying more and more money for the same things.

Actually, what's rising here and what's doing the hard work in pulling markets up is earnings.

Now, on paper, of course, it's healthy.

that stocks respond properly to earnings.

But I haven't seen stocks respond properly to earnings for like the past 15 years, because normally it is that kind of hope and expectation and hype that's doing the hard work.

So if we're trading on fundamentals, something has gone wrong here.