We know what’s coming and we are prepared.
📊 There's a popular saying that if you're not a liberal at 20, you have no heart, but if you're not a conservative by 40, you have no brain.
It might be more accurate to imagine that people's formative years have large, persistent impacts on their beliefs. A study by Andy Gelman showed how.
In the Gelman model, high presidential approval during a (White) birth cohort's teen years leads them to favor that president's party for the rest of their lives. Whatever the reason, it's as if they're acting to bring back the 'good old days' of their cognizant childhood. To get an idea of how this looks, look at Eisenhower Republicans:
The Eisenhower Republicans were those who missed most of the FDR years and were socialized in ten straight years of Republicans, of which the Eisenhower years had positive spin. As a result, that cohort became very pro-Republican, but then the very pro-Democrat Kennedy and Johnson years moderated them back to being a bit less pro-Republican.
The 1960s Liberals were born a bit later than the Eisenhower Republicans and they got to experience the pro-Kennedy and Johnson years in their formative years, but the next 25 years of strongly pro-Republican sentiment brought them to near-neutrality.
One of the most well-known political generations is the Reagan Conservatives. This generation got to experience strong pro-Republican sentiment and they ushered in the real Reagan Revolution: a cohort with strong pro-Republican leanings and little moderation due to the balance of sentiment between Clinton and Bush II, and Obama's nearly neutral sentiment.
Other cohorts like the New Deal Democrats and Millennials have their own biases that follow from the same dynamics, and if you plot them all together, you get a clear picture of the sentiment of the White electorate:
Now do note, I said Whites. This model works slightly better for non-Southern than for Southern Whites, and compared to those two groups, it works less than half as well for non-White minorities.
In any case, this model based on formative year impacts can explain roughly 90% of the variance in vote choices in the electorate. If you want to get people's votes, get them early in life, and you might be able to hold them through waves of less popular candidates from your own party.
🇺🇸 #Oklahoma high school principal (Kirk Moore) seen charging at and disarming a school shooter.
The suspect, identified as 20-year-old Victor Hawkins, was a former student who said he wanted to shoot up the school “like the Columbine shooters did.” While taking down the shooter, Moore was shot in the leg. He is expected to recover.
When the Principal woke up that day, he never thought he would be tackling a gunman.
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🇨🇳🛢 How much strategic oil does the world actually have in reserve?
Global strategic crude oil inventories stood at ~2.5 BILLION barrels as of December 2025, according to the US Energy Information Administration.
China holds by far the largest stockpile at 1,397 million barrels, more than 3 times the US Strategic Petroleum Reserve of 413 million barrels, which itself sits at only 58% of its full storage capacity of 714 million barrels.
China added an average of 1.1 million barrels per day to its strategic inventories throughout 2025, with preliminary data suggesting it continued building stockpiles in early 2026 ahead of the Iran War.
Japan holds the 3rd-largest reserve at 263 million barrels, followed by OECD European countries at 179 million barrels.
Meanwhile, the US is releasing 172 million barrels from its Strategic Petroleum Reserve to suppress oil prices, part of a broader 400 million barrel coordinated release agreed by 32 IEA member nations in March.
🔗 ...
🛢 JP Morgan Warns Oil Market Out of Balance, Prices Must Rise
🔸The closure of the Strait of Hormuz, through which roughly 20% of the world’s oil flows, has removed 13.7 million barrels per day from global supply in April alone. A JP Morgan research note warns the market has no good way to replace it.
🔸Normally, spare production capacity in Saudi Arabia and the UAE acts as the market’s shock absorber. But that buffer has effectively been removed, eliminating the system’s first line of defense.
🔸With spare capacity unavailable, markets turned to inventories
➤ Global stockpiles are now being drained at ~7.1 mbd in April, an extraordinary pace, according to the note.
🔸Meanwhile, demand is collapsing because supply simply isn’t reaching users — “forced demand destruction.”The hardest hit sectors include:
▪️ Petrochemical plants across Asia are shutting down or slashing output as LPG, ethane, and naphtha flows from the Gulf collapse
▪️ Airline jet fuel ...
🛢⛽️ Global oil inventories are heading toward RECORD LOWS:
Global visible oil inventories have fallen -255 million barrels since the start of the conflict on February 27, to 7,864 million barrels.
Total estimated oil draws, including non-OECD refined products storage, have accelerated to 10.9 million barrels per day in April, the largest monthly draws on record since 2017.
Cumulative estimated draws since the start of the war now stand at 474 million barrels, with Hormuz flows holding at ~10% of normal, or 2.0 million barrels per day.
Meanwhile, even in an optimistic scenario where Strait of Hormuz flows begin recovering by late April, it is unlikely to prevent global visible inventories from reaching all-time lows, according to Goldman Sachs.
As inventories keep falling, physical oil markets are likely to require sharply higher prices for immediate delivery, since buyers cannot wait months for cheaper futures delivery when stocks are running critically low.
Goldman also warns...
