The AI doomsday debate consumed the market last week. The near-future possibility of rampant whitecollar
unemployment, private credit and mortgage defaults, a cratering of consumer spending, and rapid
obsolescence of established business models will now have to share the stage with a very real war in
Iran. Markets have traditionally shrugged off geopolitical events after an initial burst of volatility,
especially recently. However, a widespread, protracted conflict in the Middle East may upend that convention.
Net equity exposure in Leuthold tactical accounts ended the month at 58-59%.
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