Multi-engine analysis suggests that the closure of the Strait of Hormuz, leading to a supply shock of 20 Mb/d (20% of world consumption), has established a regime of "structural energy constraint." This regime is characterized by a high conditional probability of activating restrictive measures on mobility ("energy lockdown"), estimated at 81.3% for 03/31/26, according to…
1. CASH POSITION ANALYSIS
Current Cash: $189B
% of Assets: 18% (vs 10% normal, 15.5% avg pré-crise)
Signal Strength: +16% above historical pre-crisis average
Historical Context:
├─ 2007 Pre-Crisis: $44B (15%) → 8 months to crisis, SPX -57%
├─ 2019 Q4 Pre-COVID: $128B (16%) → 4 months to crisis,…
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