🟢 [E270] Saxo lunch: no one around table had robust explanation for market resilience. Suggests downside may be much greater than consensus believes.

🟢 [E2] Saxo strategist compared Hormuz disruption to Archduke assassination or Pearl Harbor. If unpassable for balance of month, enormous knock-on issues. NZ, Japan, South Korea extremely vulnerable - not enough stockpile for more than a few days. Oil freight rates jumped from $50k to $500k daily.

🟢 [E1295] Discussion at Saxo lunch highlighted that crisis-to-print angle means it has to get *much* worse before run it hot programme saves equities.