Summary

• The significant geopolitical event in the first quarter was the Middle East conflict centered around Iran.
• Recent military events have secured more control over the Strait, but shipping volume is virtually non-existent.
• Looking at the S&P 500 Index performance in the first quarter, it is down just -4.6%, on a price only basis, however, for investors, the market decline “feels” much worse.
• With Q4 2025 earnings season in the rearview mirror, reported results show earnings were up 14.1%, far better than expected.

“What the wise man does in the beginning, the fool does in the end.” — Howard Marks

All About Sports

The Winter Olympics kicked off on February 6 and ended on February 22. Norway led the medal count

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