Good Wednesday morning. Heads up: We’re on a due diligence trip over the next two days, so there will be no podcast today and tomorrow mornings Letter may be light.

VRA Market Update: There is (literally) no stopping this bull market

While we finished a bit lower yesterday, just after the close the president announced that the cease fire with Iran has been extended in an open-ended fashion. This has futures sharply higher this AM. Here's what Trump knows: Iran has approx 15 days until its oil industry must begin “shut-ins”. Shut-ins can be the long term destroyer of production. Once in place, the ability to reopen these wells depends greatly on the viability of the infrastructure. Many could lead to a permanent halt, requiring billions in capex to resume pumping. The US already controls the Strait and the one country being hit the hardest from the blockade is China, our primary adversary. Bottom line; the US is in no hurry to do anything and the markets/US economy can deal with $...