Rob Armstrong

So my first guess, and it's just a guess, is that this is just another wheel coming off a car that is famous for throwing off wheels.

Yeah, I don't get it either.

But clearly, you know, and this when you talk to regional experts, this is the larger context is this kind of.

doom loop hypothesis that all the global structures are breaking down a little bit.

And the local story is that it's not a simple situation, a simple two-sided war.

Like all the parties to this war are pointed in slightly different directions.

The Gulf states, Israel, the United States, Europe, everybody...

There is not.

It's not.

There's nothing simple about it.

This is just more evidence of that, that what the Saudis like, the smaller Gulf states don't like, which is different from what the Iranians are hoping for, which is different from etc., etc., etc.

Let me try a hypothesis on you, Katie.

If you look at this mess and then you look at how U.S.

markets in particular are doing well right now, bonds steady and stocks rising, maybe there's not a contradiction there after all.

Maybe in a fracturing world, you want your money to be near the biggest thing that it can be near, and that is America.

You want to cozy up.

Not to the nicest, but to the biggest.

Now, this is kind of barstool psychology on a global scale by me.

But I think that thesis kind of makes sense that, you know, you might there is a flight to safety trade in the U.S.

right now, even when and we've talked about this a lot, even when the U.S.