Monday, April 13, 2026
AI & Technology
The global AI arms race is accelerating on multiple fronts: military buildups are drawing nuclear-era comparisons, Anthropic's Mythos model is now a matter for central bank regulators, and a Chinese AI framework has autonomously solved a decade-old open math problem. Meanwhile, AI credit markets remain resilient despite geopolitical turmoil, and the debate over Mythos's actual threat level is splitting the AI research community.
The AI Arms Race Goes Kinetic: U.S., China, and Russia Escalate AI-Backed Weapons Programs
The New York Times reports that the U.S., China, and Russia have significantly ramped up development of AI-backed weapons and military systems, with the buildup drawing comparisons to the dawn of the nuclear weapons age. For anyone tracking the regulatory and geopolitical trajectory of AI, this is the story that reframes everything else: the military applications are now driving national AI strategies, export control regimes, and alliance politics in ways that will constrain and shape the commercial landscape for years.
https://www.nytimes.com/2026/04/12/technology/china-russia-us-ai-weapons.htmlBank of England to Meet With Banks Over Anthropic's Mythos — Financial Regulators Now Treating It as Systemic Risk
Bloomberg reports the Bank of England plans to discuss Anthropic's Mythos model directly with financial institutions, joining U.S. and other regulators in raising alarms about the cybersecurity tool's capabilities. This is a significant escalation: a major central bank treating a single AI model as a potential systemic risk to financial infrastructure is without precedent. For enterprise buyers and their counsel, the emerging regulatory posture around Mythos is creating a new category of due diligence obligations.
https://www.bloomberg.com/news/articles/2026-04-11/bank-of-england-set-to-discuss-anthropic-s-mythos-with-banksYann LeCun Dismisses Mythos Panic as 'BS' — But Cybersecurity Firms Using It Disagree
Meta's former chief AI scientist Yann LeCun has publicly called the alarm over Anthropic's Claude Mythos Preview "BS from self-delusion," even as the model's reported ability to find vulnerabilities in every major OS and browser has spooked Wall Street and triggered an emergency Fed meeting. The split is instructive: researchers with theoretical objections on one side, practitioners actively using the model and finding real vulnerabilities on the other. The gap between these camps will likely define how regulators ultimately classify and restrict dual-use AI models.
https://timesofindia.indiatimes.com/technology/tech-news/metas-most-popular-former-employee-and-father-of-ai-yann-lecun-calls-anthropics-latest-model-that-has-everyone-scared-as-drama/articleshow/130202341.cmsChinese AI Framework Autonomously Solves Decade-Old Open Math Problem
A dual-agent AI framework developed by a Peking University-led team has autonomously resolved an open mathematical problem posed in 2014 by the late University of Iowa professor Dan Anderson, according to a preprint published April 4. The system synthesized decades of mathematical literature to reach its solution with no human intervention. If the result withstands peer review, it represents a genuine frontier capability — AI not merely assisting human researchers but independently advancing the mathematical frontier. The strategic implications for scientific R&D productivity are substantial.
https://www.scmp.com/news/china/science/article/3349797/chinese-ai-solves-decade-old-maths-problem-hours-no-human-intervention?utm_source=rss_feedAI Credit Markets Shrug Off Geopolitical Turmoil — Demand for AI-Linked Debt Remains Relentless
Bloomberg reports that the AI credit juggernaut continues to push forward even as Middle East conflict drives energy prices and inflation fears higher. Demand for exposure to AI-linked debt is trumping macro headwinds. For anyone evaluating AI infrastructure plays — data centers, compute providers, energy — this is a meaningful signal: capital markets are still underwriting the AI buildout thesis despite rising input costs and geopolitical risk.
https://www.bloomberg.com/news/articles/2026-04-11/ai-juggernaut-rumbles-on-even-as-markets-whipsaw-credit-weeklyChina Launches National Plan to Embed AI Across Entire Education System
China's Ministry of Education and four other ministerial-level bodies have unveiled an "AI+ Education" action plan mandating AI integration at every stage of learning, from primary school through lifelong education. This is industrial policy at scale: China is explicitly treating AI fluency as a national workforce competitiveness issue. The plan signals that the U.S.-China AI competition is extending well beyond chips and models into human capital formation — with long-term implications for which country fields a workforce capable of building and deploying frontier systems.
https://www.scmp.com/tech/policy/article/3349832/amid-fierce-global-competition-china-launches-national-plan-boost-ai-education?utm_source=rss_feedMicrosoft VP: AI Agents Will Need Their Own Software Licenses, Offsetting Workforce Cuts
Microsoft's Rajesh Jha argues that AI agents will require their own licenses, meaning that as companies deploy thousands of digital assistants, the number of 'paying users' could surge even as human headcount shrinks. It's a notable framing from Microsoft as it navigates its Copilot overhaul: the bull case for enterprise software revenue isn't that AI replaces workers — it's that AI agents become a new, larger class of paying customer. Whether enterprises and their procurement teams accept per-agent licensing as the norm will be a defining commercial question.
https://timesofindia.indiatimes.com/technology/tech-news/microsoft-vp-rajesh-jha-on-how-even-if-companies-layoff-half-their-workforce-due-to-ai-it-will-only-increase-business-of-software-companies-not-kill/articleshow/130205233.cmsAI-Generated Propaganda for Iran Goes Beyond 'Slop' — Experts Call It Highly Sophisticated
The BBC profiles a creator producing viral Lego-style AI-generated videos for Iran, with experts warning that the content represents a significant evolution beyond crude AI propaganda. The term 'slopaganda' is reportedly too weak to capture its sophistication. As AI-generated influence operations become harder to distinguish from organic content, the legal and regulatory frameworks around synthetic media — and platform liability for distributing it — remain dangerously underdeveloped.
https://www.bbc.com/news/articles/cjd8jrd1vnyo?at_medium=RSS&at_campaign=rssCirrus Labs to Join OpenAI
Cirrus Labs, a research organization, has announced it will join OpenAI. Details remain sparse, but acquisitions of specialized research teams have been a key vector for frontier lab capability expansion. Worth monitoring for what specific capabilities Cirrus brings and how it reshapes OpenAI's research portfolio.
https://cirruslabs.org/Science & Non-AI Technology
Artemis II's crew has splashed down safely after humanity's first lunar voyage in over half a century. Meanwhile, a landmark synthesis of astronomical measurements strengthens the case that our standard model of cosmology is incomplete, and new lab work hints at mechanisms life could use to survive on Mars.
Artemis II Crew Splashes Down After First Human Lunar Voyage in Over 50 Years
Four NASA astronauts returned safely to the Pacific Ocean, completing a nine-day lunar flyby mission that took them farther from Earth than any humans in history. The Artemis II mission marks humanity's first crewed return to the Moon's vicinity since Apollo 17 in 1972 and is a critical precursor to planned lunar surface landings. The successful splashdown validates the Orion spacecraft's life-support and re-entry systems, clearing a major milestone for NASA's broader lunar program and the commercial ecosystem building around it.
https://www.bloomberg.com/news/videos/2026-04-11/nasa-s-artemis-ii-crew-is-back-on-earth-videoThe Hubble Tension Is Real: Ultra-Precise Measurements Confirm the Universe Expands Faster Than Theory Predicts
A major international synthesis of astronomical distance measurements has confirmed that the Universe's expansion rate is meaningfully faster than what the standard cosmological model—calibrated to the early Universe—predicts. By linking multiple independent distance-measuring techniques, the effort effectively ruled out simple measurement errors as the cause of the discrepancy. The so-called "Hubble tension" now appears to be a genuine feature of reality rather than a statistical fluke. If it holds, it implies that our best model of the cosmos is incomplete—potentially pointing to unknown physics such as new particles, a time-varying dark energy, or modifications to general relativity.
https://www.sciencedaily.com/releases/2026/04/260411022025.htmYeast Cells Survive Simulated Martian Conditions by Forming Protective Molecular Clusters
Laboratory experiments show that yeast cells can survive both simulated Martian shock waves and toxic perchlorate salts—two of the Red Planet's most punishing environmental hazards—by forming protective molecular clusters that shield critical cellular functions. Without these defenses, survival rates plummeted. The findings suggest a potentially universal biological strategy for enduring extreme extraterrestrial environments, which has implications both for astrobiology and for future efforts to use biological systems in space exploration.
https://www.sciencedaily.com/releases/2026/04/260411022033.htmNanodisc Technology Reveals Hidden Vulnerabilities in HIV and Ebola Viruses
A new nanodisc-based platform allows researchers to study viral surface proteins in a membrane environment that closely mimics real viruses—something traditional methods couldn't achieve. The technique uncovered previously hidden antibody-binding interactions on HIV and Ebola, offering new targets for vaccine design. By recreating the virus's native membrane context, the platform could accelerate development of more effective vaccines against some of the world's most intractable viral threats.
https://www.sciencedaily.com/releases/2026/04/260411022027.htmEntrepreneurship, Business & Markets
The Iran conflict is reshaping markets in real time—Wall Street banks are harvesting record trading revenues while commodity traders who normally feast on volatility got caught wrong-footed by the speed of the oil shock. Meanwhile, major M&A activity continues across waste infrastructure and real estate, and KKR is making a significant bet on Japan's corporate property sell-off market.
Wall Street Banks Poised to Report $40B Trading Haul as Iran Conflict Supercharges Volatility
The five largest US banks are expected to unveil their highest combined trading revenues since at least 2014, driven by the volatility surrounding the Iran war. This is the flip side of the commodity trader story below—banks with diversified market-making desks and better hedging infrastructure are capturing the spread that volatility creates. If you're watching for signals on where financial services M&A and hiring head next, it's the trading and risk management functions.
https://www.ft.com/content/7dfb2398-f414-4c82-927c-5db4d34cb5daCommodity Traders Lost 'Billions' in Early Days of Iran War Despite Normally Profiting from Chaos
A new report finds that commodity trading firms—typically the biggest beneficiaries of geopolitical volatility—were caught off guard by the sudden spike in energy prices at the conflict's onset. The speed and magnitude of the move apparently blew through hedges and risk models. This is a notable data point: when the firms best positioned for disruption still get hurt, it signals that the oil shock's severity exceeded consensus worst-case scenarios. Watch for potential distressed situations at smaller trading houses.
https://www.ft.com/content/3baeeff3-8c7e-4fcd-b704-3ddde3abdbccGFL Environmental Reportedly Nearing $4.3B Acquisition of Secure Waste Infrastructure
GFL Environmental is closing in on a deal to acquire Canada's Secure Waste Infrastructure Corp. for more than C$6 billion ($4.3B) including debt, according to a person familiar with the matter. Waste management remains one of the most durable consolidation plays in North American infrastructure—high barriers to entry, recurring revenue, regulatory moats. The deal continues the sector's multi-year roll-up thesis.
https://www.bloomberg.com/news/articles/2026-04-12/gfl-said-to-near-deal-to-buy-secure-waste-for-over-4-3-billionKKR's Japan Unit Plans 'Big Expansion' in ¥450 Trillion Corporate Property Market
KKR's Japanese real estate subsidiary is ramping up purchases of properties that corporations want to divest, targeting a market the firm estimates at $2.8 trillion. Japan's corporate governance reforms continue to pressure conglomerates to shed non-core assets, creating a deep pipeline of deal flow. For anyone tracking institutional capital flows, Japan real estate is becoming a major PE destination—a theme worth monitoring as yen weakness makes dollar-denominated returns more attractive on entry.
https://www.bloomberg.com/news/articles/2026-04-12/kkr-unit-to-boost-buying-in-2-8-trillion-japan-property-marketChinese Car Exports to Europe Surge Past 1 Million Units, Squeezing Japan and South Korea
Imports of Chinese-made cars into the EU jumped 30.7% in 2025 to over 1 million vehicles, according to ACEA data, displacing Japanese and South Korean market share. This is less an EV story now and more a full-spectrum automotive disruption story. European trade policy responses—whether tariffs, local content requirements, or subsidy regimes—will create winners and losers across the supply chain. The litigation and regulatory compliance opportunities around EU trade remedies are substantial.
https://www.scmp.com/business/china-evs/article/3349794/chinese-carmakers-squeeze-out-asian-rivals-europe-exports-top-1-million-units?utm_source=rss_feedRetail Trading Platforms Race Upmarket With Concierges, Galas, and Platinum Cards
Robinhood, eToro, and Public are aggressively courting their wealthiest users to prevent them from migrating to traditional Wall Street wealth managers. The strategy includes exclusive events, premium concierge services, and branded cards. This is an interesting competitive dynamic: the platforms that onboarded a generation of retail traders now face a retention problem as those users accumulate real wealth. The broader signal is that the wealth management market is fragmenting, and incumbents shouldn't feel safe.
https://www.bloomberg.com/news/videos/2026-04-12/retail-trading-apps-go-upscale-to-keep-rich-traders-loyalArgentine Energy Mogul Mindlin Calls InterCement Restructuring a 'Once in a Lifetime Opportunity'
Marcelo Mindlin is leading a consortium of investors and creditors seeking to restructure Brazil's InterCement, parent of cement producer Loma Negra. Latin American distressed restructurings remain an underappreciated space for those with the risk appetite—cement is a deeply local, hard-to-disrupt business, and buying it through a restructuring can offer significant entry discounts. Worth watching for anyone in litigation funding who follows LatAm creditor dynamics.
https://www.batimes.com.ar/news/economy/intercement-deal-once-in-a-lifetime-opportunity-mindlin-says.phtmlVictory Giant Technology Seeks Up to $2.2B in Hong Kong IPO
China's Victory Giant Technology Huizhou Co. has begun taking investor orders for what is set to be among Hong Kong's largest IPOs this year, potentially raising up to HK$17.5 billion ($2.2B). The deal is a barometer for appetite for Chinese tech listings in Hong Kong at a moment when geopolitical risk premiums are elevated across Asian markets.
https://www.bloomberg.com/news/articles/2026-04-12/china-s-victory-giant-seeks-up-to-2-2-billion-in-hong-kong-listingNew Fed Research: Inequality Has Been a Key Driver of Stock Market Valuations
New Federal Reserve research reportedly explores how wealth inequality has helped sustain elevated stock market valuations over recent years. The mechanism: as wealth concentrates among those with higher propensity to invest in equities, demand for stocks stays structurally elevated. This is a macro framework worth internalizing—if true, it suggests equity valuations may remain higher than traditional models predict for as long as the wealth distribution trend continues.
https://www.bloomberg.com/news/articles/2026-04-11/new-fed-research-on-stock-market-valuationsLegal News
The major development for litigation funding is the fallout from the Second Circuit's reversal of the $16 billion YPF judgment against Argentina — a landmark loss for Burford Capital and its undisclosed co-investors that reshapes sovereign litigation risk calculus. Separately, Argentine environmental NGOs are mounting what they call the largest collective lawsuit in history.
Second Circuit Tosses $16B YPF Judgment; Burford Capital and Hidden Co-Investors Face Major Losses
A U.S. appeals court overturned the $16 billion judgment against Argentina stemming from its 2012 nationalization of YPF, ruling in favor of the Milei government. The decision is a significant blow to Burford Capital, which funded the litigation, and to undisclosed third-party investors who purchased interests in the claim — their identities remain shrouded, with reporting indicating only a U.S. judge may be able to compel disclosure. For the litigation funding industry, this is a high-profile reminder of sovereign immunity risk and the binary downside of single-case concentration. The ruling also clears Argentina's path toward re-accessing international capital markets.
https://www.batimes.com.ar/news/opinion-and-analysis/after-new-york-setback-mystery-surrounding-burfords-hidden-ypf-litigation-partners-grows.phtmlArgentine NGOs Launch Mass Collective Lawsuit Challenging Milei's Glacier Law Rollback
Following congressional approval of reforms that weaken Argentina's glacier protection law — opening the door to expanded mining in periglacial areas — environmental groups are organizing what they describe as the 'largest collective lawsuit in history,' inviting public participation. The case will test Argentine constitutional environmental protections against the government's pro-mining deregulation push. For mass tort practitioners, this is a novel model of crowd-sourced environmental litigation worth watching.
https://www.batimes.com.ar/news/argentina/ngos-seek-largest-collective-lawsuit-in-history-in-defence-of-argentinas-glaciers.phtmlUSA & The World
The US-Iran crisis has escalated sharply. After 21 hours of direct talks in Islamabad ended without a deal—the first US-Iran face-to-face negotiations since 1979—President Trump announced a US naval blockade of the Strait of Hormuz, now entering its seventh week of closure. The move threatens to deepen a global energy and economic crisis that is already reshaping international finance discussions and could force the Fed into rate hikes.
Trump Orders US Naval Blockade of Strait of Hormuz After Islamabad Peace Talks Collapse
After Vice President Vance, envoy Witkoff, and Jared Kushner spent 21 hours in direct negotiations with Iran in Islamabad—the first US-Iran talks since 1979—the delegation departed without a deal. President Trump responded by announcing the US Navy will enforce a blockade of the Strait of Hormuz, a move likely to exacerbate already severe global oil and fuel shortages. The strait has been closed for six weeks amid the US-Iran war, with roughly 20,000 seafarers stranded in and around the waterway. For markets, this is the dominant story: prolonged closure of the chokepoint through which roughly 20% of global oil passes will keep energy prices elevated and ripple through virtually every sector of the global economy.
https://www.bloomberg.com/news/articles/2026-04-12/trump-says-us-will-begin-blockade-of-ships-to-and-from-hormuzHormuz Crisis May Force Fed to Hike Rather Than Cut, as Russia and Iran Emerge as Unexpected Winners
Bloomberg analysis warns that a prolonged Strait of Hormuz closure could force the Federal Reserve to raise interest rates rather than cut them, as energy-driven inflation overwhelms growth concerns. Afsaneh Beschloss of RockCreek argues that Russia and Iran are the unexpected beneficiaries of the crisis, while Steven Cook of the Council on Foreign Relations says Gulf states were caught off guard by Iran's actions and that Saudi-Israeli normalization may now be further away than ever. For investors, this reframes the entire rate trajectory and strengthens the case for energy and commodities exposure.
https://www.bloomberg.com/news/videos/2026-04-11/the-choke-point-that-could-break-the-global-economy-videoIMF and World Bank Meetings Overtaken by Iran War; Former Canadian Finance Minister Warns of End of US-Led Order
The spring IMF and World Bank meetings, originally focused on trade and growth, have been consumed by the Iran crisis. Chrystia Freeland, former Canadian Deputy Prime Minister and Finance Minister, warned that this moment may mark the end of the US-led international order that has underpinned global stability since World War II. Finance ministers and central bankers are now confronting what amounts to a potential global economic crisis driven by the energy shock and military escalation.
https://www.bloomberg.com/news/videos/2026-04-11/the-global-crisis-facing-the-imf-meetings-videoInternational Maritime Organization Rejects Hormuz Tolls as 20,000 Seafarers Remain Stranded
IMO Secretary-General Arsenio Dominguez rejected proposals for tolls on the Strait of Hormuz and highlighted the humanitarian dimension of the crisis: 20,000 seafarers are stranded in and around the strait. The humanitarian toll of the closure adds a dimension beyond energy markets—global shipping and logistics networks are under severe strain, with knock-on effects for supply chains worldwide.
https://www.bloomberg.com/news/videos/2026-04-11/secy-gen-dominguez-rejects-tolls-on-strait-of-hormuz-videoClassifieds
A strong batch of BaT listings this week, but two genuinely stand out: a Bloomington Gold Survivor C3 427/4-speed with barely 51k miles, and one of just 223 Ram Air III Trans Ams built with the manual/AC combo. The W124 E320 Cabriolet at 15k miles and no reserve is also worth watching closely.
1969 Corvette L36 427/4-Speed — Bloomington Gold Survivor with 51k Miles
This is the real deal: a numbers-matching C3 coupe with the 427ci L36 big block, four-speed manual, Positraction, and factory AC, delivered new to a Pennsylvania dealer and kept by just two owners in the same area for over 50 years. It earned a Bloomington Gold Survivor Award in 1990 at 51k miles and has added only ~500 miles since. Riverside Gold over black, with removable roof panels. The selling dealer has done sensible recent work — carb and caliper rebuilds, tune-up, new exhaust and tires. A documented, low-mile, big-block C3 survivor with a four-speed is increasingly rare and this one comes with NCRS shipping data and Bloomington documentation. Watch this auction closely.
https://bringatrailer.com/listing/1969-chevrolet-corvette-coupe-103/
1970 Trans Am Ram Air III 4-Speed — One of 223 Built with This Drivetrain
Only 3,196 Trans Ams were built for 1970, and just 223 reportedly left the factory with the 400ci Ram Air III, manual transmission, and air conditioning — making this an exceptionally rare configuration. Delivered new to a Virginia dealer with power windows, AM/FM, eight-track, and Custom Trim group. The block is a replacement, and the car was repainted blue with white stripes before the seller acquired it from the second owner in 2009, so this isn't a pristine survivor — but the documentation is solid (PHS docs, original window sticker, clean title). For a serious muscle car collector, this is a once-in-a-while opportunity.
https://bringatrailer.com/listing/1970-pontiac-firebird-trans-am-41/
15k-Mile 1995 Mercedes E320 Cabriolet — No Reserve
The W124 cabriolet is widely considered one of the last over-engineered Mercedes convertibles, and finding one with just 15,000 miles is genuinely unusual. Smoke Silver over Parchment leather, 3.2L inline-six with the four-speed auto. The selling dealer has done proper preventive work — new engine and trans mounts, ignition coils, upgraded wiring harness, fresh tires, and various relay/valve replacements. Clean Carfax, and it's no reserve. These have been steadily appreciating, and a sub-20k-mile example in this condition could be a steal depending on where bidding lands.
https://bringatrailer.com/listing/1995-mercedes-benz-e320-104/
16k-Mile 2003 Honda S2000 AP1 — The VTEC Roadster That Keeps Climbing
AP1 S2000s with the screaming 9,000-rpm F20C are the ones collectors want, and 16k miles on a 2003 is remarkably low. Sebring Silver over black leather, six-speed manual, LSD, and largely stock aside from an Eibach front sway bar. It's changed hands a few times on BaT already (2021, 2024, 2025), which means the market keeps validating its value. Clean Carfax and California title. These haven't stopped appreciating — especially clean AP1s with under 20k miles.
https://bringatrailer.com/listing/2003-honda-s2000-209/
1988 Range Rover Classic — No Reserve, 114k Miles, Clean Carfax
The classic Range Rover is peak overlanding aesthetic and these are getting harder to find in honest, unmolested condition. Colorado Silver Metallic over Pembroke Gray leather, 3.5L V8 with the dual-range transfer case and locking center diff. It had been sitting for several years before the seller's December 2025 purchase, so factor in some recommissioning work, but at no reserve with a clean Carfax and Idaho title, this could go for a reasonable number. The brush guard and power sunroof are nice touches.
https://bringatrailer.com/listing/1988-land-rover-range-rover-56/The Ideator
Today's landscape is defined by the convergence of a historic energy crisis (Hormuz blockade entering week seven), record Wall Street trading revenues from volatility, AI models being treated as systemic financial risks by central banks, and commodity traders getting caught wrong-footed despite being built for chaos. The gap between who profits and who bleeds in this environment is the signal.
Mass Tort Intelligence
A quiet day for emerging mass tort signals. The most notable development is a large-scale environmental collective action forming in Argentina over glacier protection rollbacks — novel in structure but limited in relevance to U.S. litigation funders. No significant new scientific literature, FDA actions, or early-stage U.S. filings surfaced today.
Argentine Environmental NGOs Launch What They Call 'Largest Collective Lawsuit in History' Over Glacier Law Rollback
Environmental groups in Argentina are seeking mass public participation in a collective lawsuit challenging President Milei's amendments to the country's Glacier Law, which passed the lower house on April 9. While the scale of plaintiff recruitment is notable and the litigation model — open public joinder to an environmental collective action — is worth monitoring as a structural innovation, the direct relevance to U.S. mass tort practice is limited. Litigation funders focused on cross-border environmental claims or ESG-linked litigation strategies should track whether this action gains traction, as it could establish precedent for similar mass environmental actions in Latin American jurisdictions where mining and extraction interests are expanding.
https://www.batimes.com.ar/news/argentina/ngos-seek-largest-collective-lawsuit-in-history-in-defence-of-argentinas-glaciers.phtmlPodcast Highlights
Two Bloomberg podcasts this week offered substantive macro and geopolitical analysis: Odd Lots explored a Federal Reserve economist's explanation for persistently high stock valuations, while Masters in Business featured BlackRock's Mike Pyle on economic fallout from the Iran conflict. Limited transcript detail constrains full clip extraction, but both episodes warrant attention.
Fed Economist Jonathan Heathcote on why stock valuations haven't reverted to historical norms
Odd Lots hosts Tracy Alloway and Joe Weisenthal interview a Minneapolis Fed economist who argues there's a structural macro explanation — beyond animal spirits — for why stock market valuations have stayed elevated even as investors have called them unreasonable for years. Worth a listen if you've been waiting for a mean-reversion that keeps not arriving.
https://www.bloomberg.com/news/audio/2026-04-11/odd-lots-the-big-macro-force-that-s-kept-stocks-high-podcastBlackRock's Mike Pyle on durable economic shocks from the Iran war
Former Biden Deputy National Security Advisor for International Economics — now deputy head of BlackRock's Portfolio Management Group — discusses energy security risks and the lasting economic damage the Iran conflict could inflict. Pyle's unique vantage point straddling government and the world's largest asset manager makes this a rare inside-out perspective on how geopolitical risk is actually being priced.
https://www.bloomberg.com/news/videos/2026-04-11/assessing-volatility-iran-war-masters-in-business-video