Simon Belanger

So there's a couple of Trump things that came out, right?

So there was the Iran thing.

And I think everybody, like everybody, the market's sort of just like pricing in that it's wrong now at this point.

I think like anytime he says, oh, we're going to, we're going to have a deal.

It's like,

Okay, like, cool.

Yeah, good one.

And it seems like, you know, now the news is coming out that Iran has reclosed the strait and is not going to sign the deal and whatever.

And I don't know if the pallets of cash are on their way over there already or what, but...

Yeah.

So that was interesting.

And then Kuzma as well, which Trump talked about.

But curious to hear your take on Iran.

I mean, my thesis there hasn't changed that this was going to take a lot longer to be solved than the market was pricing in and then Trump was saying.

And I think that it becomes increasingly difficult ahead of the midterms and it becomes near impossible after the midterms.

So

it feels like this might just be like two years.

And then you would assume that oil prices

aren't going in a positive direction ever again.

And eventually, the US will burn through or at least be less impactful with their release of strategic petroleum reserves unless they are willing to spend a ton more and buy more reserves, which is another reason why the bond market might be saying, hey, the US is going to have to spend a ton of money.