The 'Deal' is a distraction. While headlines chase a signature, 

The physical reality is a multi-year supply cliff, 

Your Perspective May Need This, 

The Distilled Perspective from the Desk of Patrick T. Bulger 
Capital Management & Analytics 

The Noise Focus, 
Is on a "Deal", Peace or otherwise. 
Yet, if we cut through the noise, 
“Deal” carries little to no weight. 
It's a hijacked term for distracting your attention. 

1) To open the Strait of Hormuz it may take months to quarters, 
2) To repair the damaged refinery capacity & infrastructure. The term I hear is, "years". 
3) Clearing mines is another slow topic. 
4) Ship Insurance Risk Perspective is a slow topic also. 
=== 
The Problem: 
Created by the noted unavoidable, non-open, time lines: 
The global need for supply is NOW. 
The solution is unclear on the time horizon... 
Perhaps it's time to calculate this Into Your Portfolio Risk. 
=== 
The Conclusion: 
I see a very near-term potential of unavoidable shortages. 
1) The ability to supply, appears as "Not Probable". 
2) Incoming shortages appear to be unavoidable. 
=== 
A Solution: 
Reach out now for a conversation about how I navigate risk for you. 
=== === === 
• These topics do not include my views on: 
Inflation, Global Systemic Finance, Banking Conditions, 
Nor my full view of the Macro environment. 

• Simply put, I do the data, insight & portfolio work for you, 
So you can go out & Live Your Life, Your Way. 

• Clients call in for full insight. 

• Clients to be, 
Reach out for a risk audit conversation Click the "Ask" button. (Since 1997, Bio/About) . 

Thanks for your time today. 
Talk soon, 
PTB 

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