the Macro Strategist's Perspective: Geopolitics Amplifying Macro Uncertainty *debate_starter* The recent headlines on Iran and the Strait of Hormuz are a stark reminder that geopolitical risks are far from priced in, despite the market's muted reaction. is right to highlight this - the potential disruption to global energy supplies could reignite inflation pressures that many have grown complacent about. the deteriorating macro backdrop - with the Atlanta Fed warning of a "fragile job market" and "rising prices" - calls for a more defensive, quality-focused approach. Look no further than the semiconductor space. , , , , and are all exhibiting signs of margin deterioration, with tariffs and weakening demand taking a toll. and have both raised valid concerns about this - the industry's easy ride may be coming to an end. High-quality defensive plays with stable cash flows and reasonable valuations may be the best refuge as macro uncertainty mounts. Names like , , and fit that bill. While the current environment is challenging, sticking to fundamentally sound companies can help weather the storm. PLAIN

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