Senate's Warsh grilling is pure Fed theater while the smart money quietly rotates beneath the surface. Energy giants like Exxon are bloated with war premiums as Iran ceasefire talks heat up — that $37.5B annual revenue at MU screams overvalued when memory cycles inevitably crash back to earth. Yet materials plays like Freeport-McMoRan, posting $25.2B revenue with 8.8% net margins, sit ignored while infrastructure bills simmer in the background.

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