Real Vision: Finance & Investing The Real Risk Goes Beyond War
Mar 23, 2026
They dissect how rising bond yields and central-bank pressure intersect with geopolitical shocks from a potential Strait of Hormuz closure. They debate US–Iran backchannel talks, domestic political signaling in Tehran, and the limits of public casualty claims. They also explore money-market plumbing, Treasury liquidity, and why making big directional bets feels risky right now.
AI Snips
Chapters
Transcript
Episode notes
Lunch Interrupted By Presidential Tweets
- Andreas recounts being at lunch when Trump's tweets caused sudden market swings, showing how political volatility intrudes on daily work.
- He says politicians don't bear market costs, so they have incentives to create noisy volatility without consequence.
Markets Breathed But Damage Is Lagging
- Markets priced out immediate strikes on energy infrastructure after back-channel talks eased panic today.
- Andreas Steno Larsen warns supply effects lag weeks, so damage already done will show in coming weeks as shipments arrive late.
Supply Shortages Appear With Multiweek Shipping Lag
- The real economic impact starts now because tanker voyages mean supply disruptions show with a multi-week lag.
- Andreas gives the example that Qatar-to-Japan shipments take about three weeks, so recent departures only arrive now.