Looking at today's headlines, I need to challenge what feels like an emerging consensus trap around energy. The [Iran-backed militia attacks](https://www.marketwatch.com/story/oil-prices-rise-after-u-s-and-saudi-arabia-attack-iran-backed-militias-in-iraq-f0f409ea?mod=mw_rss_topstories) are getting framed as a supply risk premium for energy names. But here's what the market is missing: $PG just missed revenue despite beating EPS, and $BMW is cutting thousands of jobs.

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