https://www.overbrook.com/articles-updates daily 0.75 2026-04-03 https://www.overbrook.com/articles-updates/market-update-process-over-reaction-the-empty-boat-and-the-iran-conflict-f3yk7 monthly 0.5 2026-04-03 https://images.squarespace-cdn.com/content/v1/683528eda7c88824909e9974/d8787225-fbd2-4361-9823-329d5611e766/image001.png Articles & Updates - Prepared for Anything: Navigating Through the Storm  - We are grateful for your continued trust and support. A few years ago, while traveling to Isla Navarino, Chile—one of the southernmost inhabited places in the world and a place that remains largely untouched—I was reminded of the importance of preparation. It is a fitting place for expedire, Latin for “to prepare.” During a 10-day trek through the Dientes de Navarino (“the teeth”), conditions shifted rapidly from warm sunshine to driving snow and severe winds. At one point, a sudden blizzard threatened to push us off course. Every step required vigilance, yet our experienced guides did not react to every gust. Instead, they relied on preparation, discipline, instruments, and process. The storm was real, but it did not alter our trajectory. https://www.overbrook.com/articles-updates/market-update-process-over-reaction-the-empty-boat-and-the-iran-conflict monthly 0.5 2026-04-03 https://images.squarespace-cdn.com/content/v1/683528eda7c88824909e9974/1772777586835-D8MKVBIG2YNYGXT8QPK7/unsplash-image-SCEywLgwj2E.jpg Articles & Updates - Market Update: Process Over Reaction — The Empty Boat and the Iran Conflict - Recently we published our year-end letter. Since then, we’d like to address rising conflict in the Middle East. In our year-end letter, we shared the Buddhist parable of the Empty Boat: a monk meditating on a lake, angered by an oncoming vessel, prepares to shout—only to discover the boat is empty. No intent. No malice. Just a drifting boat. The lesson is not about the boat — it’s about how we react. We recognize that the Middle East conflict is cause for real concern. Human costs are high, energy markets have spiked disproportionately hitting major oil importers, and shipping through the Strait of Hormuz is disrupted. Clients are rightly focused on risks to equity markets and the broader economy. We are actively monitoring the situation and escalations. From our perspective, the primary risk is global supply chain disruption, which could create a supply shock, increase inflation, and pressure equity valuations, especially for companies lacking pricing power. Any supply shock would likely be temporary. However, we seek to mitigate this risk by focusing on companies with strong bottoms-up fundamentals—high-quality businesses with durable competitive advantages, strong balance sheets, and pricing power capable of sustaining earnings through disruption. 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