🟢 [E5614] Stagflation present (discussed using that term rarely) with commodities positioning critical. Unlike 2007 credit cycle, current cycle has different transmission mechanism through energy rather than housing/leverage.

🟢 [E5612] Oil prices continuing higher despite geopolitical tension (Iran-related) showing market has adjusted to supply shock narrative. After 5 weeks of Iran-driven volatility, decoupling of oil from equities beginning as market prices in new regime.

🟢 [E5613] AI compute capacity insatiable despite rapid capex increases. Stagflation period with credit cycle weakening but AI providing deflationary offset. Consumer spending resilient due to wealth effects unlike 2007, creating different macro regime.