Robert Armstrong

So, uh, it's not a situation where Trump can flip a switch anymore.

And I think, uh, so I think it's very different now.

Did he back down in general?

Well...

The Iranians have come to the table and at least nominally agreed under certain conditions for the Strait to be open.

So did he get nothing?

Did he back down for nothing?

I don't think it's that clear.

So I'm going to...

sort of argue against myself and say, taco doesn't quite fit here.

I do also want to mention though, I think John's point about multiples is very to the point.

I mean, it's very interesting in this context that estimates, earnings estimates have just been rising steadily through this whole war.

And like the stock is, that's the reason that multiples are down so much is not just the stock prices have calmed down, but earnings estimates are up

And so there's nothing – like the estimates for companies, what they're pricing in doesn't incorporate any of the damage that higher oil price might do to growth or consumption.

It's not – that's not in there.

So –

You know, I think we're in a situation where different parts of the market are sending different messages.

You know, it's an interesting moment.

Let me just lay it out in terms of a simple contrast.

The stock market is almost fully recovered to where it was at the end of February.