Two colliding cross-currents: 1) Strong pre-conflict US economy (solid consumer spending, AI-driven investment, strong profits, declining inflation/rates). 2) Iran war is unpredictable wildcard; most forecasters assume 30-day conflict, hence limited forecast adjustments.

Would not advise differently now. Would reassess only if conflict truly impacts economic conditions, which might take 2-3 months, but conflict unlikely to extend that long.

Too early to judge AI impact on labor demand. AI will be transformative but recent market focus on what AI will destroy has gone too far. Software stocks have had corrections but bounced back; doesn't see AI as force to undermine markets or economic forecasts; likely positive.

Not yet. Widespread expectation conflict will be short (30-day assumption in forecasts). No diminution in deal activity yet; depends on conflict progression in 6 months.