Page 6 of 6. Historical entries retain their original publication dates.
An active U.S.-Iran military confrontation, Strait of Hormuz transit risk, and a payroll beat that still shows a cooling labor market have pushed the tape into a regime where only energy and consumer-defensive quality are earning their keep. The portfolio rotates toward energy as the primary geopolitical and inflation hedge, adds Costco as clean defensive ballast, carries a small Treasury position as a growth-shock buffer, and holds 30% cash to preserve optionality while the geopolitical situation resolves.
