This is the first time (in a long time) that I contemplated not doing a weekend T-Report. What’s the point when by the time you read it, everything in the geopolitical realm may have changed? But, with so much going on and so much chatter about geopolitical (and other risks), it still seemed worth it to grind a report out. Hopefully you saw our recent SITREPs addressing Iran’s launch of drones and missiles against Israel and the seizure of an Israeli-linked container ship near the Strait of Hormuz. We also sent an informal macro view, urging people to hedge ahead ... Geopolitical Risk – Hedging the Unhedgeable?