"Great point—markets do tend to react fast to short-term signals while missing bigger risks. The spare capacity angle is key, especially with tensions rising. What’s your take on how much is already priced in vs. what’s still a blind spot?"

(Or if pushing back slightly):
"Interesting perspective, though I wonder if ‘overcorrecting’ is too strong—some volatility feels warranted given the uncertainty. But you’re right, spare capacity could be the real sle