All right, Alexander, let's talk about what is happening in the war in Iran.

And we have constant extensions, it seems, of the ceasefire or of the negotiations.

If we are even in negotiations, we still haven't been able to get both sides to sit at the table with

one another since the one-day Pakistan meeting between Vance and Arachi and Qalibha.

But Pakistan is still there trying to get them together. And Trump continues to talk military action one day, peace agreements the

next day.

And we're kind of in this holding pattern, I guess.

Hormus is blockaded twice or Hormus is blockaded by Iran, which does allow ships to pass through if they

pay their their fee to Iran.

But then you have the U.S. blockade of Iran in general, which also has some ships passing

through.

Other ships are told to turn back.

And so here we are. We're in a very weird situation,

I believe, right now with Iran. I've seen it described as an unstable equilibrium,

and that is exactly what it is. But there's another way of looking at it, which is to say that

nobody on either side knows how to win this war or how to

end this war. I mean, to the extent that it is a war, they've got themselves into a situation

where they're no longer shooting at each other. We're not seeing missile strikes and drone strikes take place.

There's no ability, though, to conduct deep reconstruction because it's very, very unstable.

So if you're talking about, say, the Persian Gulf states, they can do some repairs, but they

can't do deep repairs to get all of their facilities back up and running because they

know perfectly well that from one day to the next, another missile might come in, another

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