
The US-Iran war is escalating again, with all that means for crude prices and nervous markets. And halfway across the world, the long AI trade is unwinding, dragging down the high-priced names that led the rally. Between the two, volatility, which has been the defining feature of 2026, is set to rise again. But volatility has a shelf life. It comes, it frightens, and it goes. What survives it is the underlying business, the quality of the management running it, and their proven ability to handle exactly this kind of complexity.