Home Market Outlook Today's Market Summary Markets barely reacted to Project Freedom and the fact that Iran has targeted U.S. commercial and combat ships, compromising an already fragile ceasefire. I think the lack of reaction is for the right reasons. By that, I mean the earnings story: Q1 growth hit 27.1%, margins reached 13.4%, and FY26 EPS estimates increased. Despite tariffs, triple-digit oil prices, and elevated geopolitical pressure, the consensus now expects steady margin expansion through the rest of the year. In my view, tech explains much of the upside. Therefore, even though I am bullish on the broader markets, my portfolio exposure is hyperselective to only a few themes. If the conflict resumes and the U.S. (unexpectedly) targets Iranian energy infrastructure, I think markets would go back into panic mode. My view is that such an event is unlikely, so I remain invested.…