Hormuz Me This, Hormuz Me That...
Your Quick Take on Today's Events...

Commentary from The Distilled Perspective of
Patrick T Bulger, Capital Management & Analytics

1) First came the article in the UK Telegraph:
by Valerii Zaluzhnyi, Ukrainian Ambassador to the UK, Ex-Military,
8:17 GMT, Saturday, Mar 21, 2026
Who wrote a piece that describes the attempt of a ground operation in Iran as sending soldiers into a "Kill Zone", due to drone technology.

2) Then came, The Ultimatum, A 48 Hour Timeline.

3) Then, Sunday overnight into Monday am,
We had risk gauge reactions that appeared to be a rather unanimously bad beginning to the week.

4) Then, we had the walk-back of the 48 hour deadline this morning.

5) So, here we are now, 12:43pm Monday Est.

• What do I make of this?

I do not see the Iran issue ending.

This appears to be a repeat of the,
"Create an Outlandish Issue that wasn't there",
Then walk it back promptly after, to give an illusion of releif.
Like April of 2025 Tariff Walk Back.

I'm unaware of Hormuz reopening,
it appears that mines are an issue.
That risk clock is still ticking globally.

Investing Beyond the Herd...Not Fooled, I See No Change and
The problems of last week appear as still with us.

For a discussion about how to position for the current risk conditions:
It's Wise & Easy to Book your call,
Proactively, before a potential Proof-by-Loss Event.
👉 Start the conversation here: Click Here

Best,
PTB