GDS Investments’ commentary for the month of April 2026.
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“You can’t predict. You can prepare.” – Investor Howard Marks
In last month’s letter, we briefly alluded to the war with Iran that had, at that point, only just begun. Then, our only observation was that “these dynamics bear watching in the months ahead.”
Well, as the conflict now continues into its third month, it is worth stepping back to examine both its economic implications and, more broadly, what the current administration’s approach to international relations may mean for markets and long-term stability.
We’ll begin with the immediate situation.
The Economics of the Iran Conflict
First, we want to start by acknowledging that this...
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