This is one of those rare moments when several consequential developments arrive simultaneously — each significant in its own right, and together capable of reshaping portfolio dynamics for years to come. Over the past week, markets digested a U.S.–Iran peace agreement that has reopened the Strait of Hormuz, the largest IPO in stock market history with SpaceX’s debut on the Nasdaq, and — perhaps of less macroeconomic consequence but no less culturally resonant — the New York Knicks’ first NBA championship in 53 years. We want to take a moment to provide our perspective on each, and what we believe it means for your portfolio going forward.