Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The equity markets, in the words of Pink Floyd, have become comfortably numb. On February 28, 2026, the United States and Israel launched “Operation Epic Fury” against Iran. Iranian forces responded by closing the Strait of Hormuz — a chokepoint through which 20 million barrels of oil per day, roughly one-fifth of global petroleum consumption, normally flows. The International Energy Agency described the resulting situation as the “greatest global energy security challenge in history.”
The S&P 500 fell for six weeks. Then it erased every loss and approached record territory.
The question posed in this analysis is simple: can the equity market continue to ignore the economic consequences of this war and the multiple conflicts preceding it? The Rabid Capitalist’s answer is equally simple. It cannot. The market is not immune. It is sedated.
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