The Universal Owner — July 17, 2026: The market has stopped charging for the war

Six consecutive nights of U.S. strikes on Iran, retaliation against Gulf bases, Hormuz traffic dwindling — and Brent closed lower, the VIX at 15.67, high-yield spreads at 2.71%, and fund-manager cash at 3.6%, below BofA's own sell signal. Where did the war-risk premium go? Plus: TSMC grows net income 77% and falls 4% — what a full market does to good news. Today's briefing is brought to you by AssetOps Chicago (Corinium Intelligence): https://assetops-chicago.coriniumintelligence.com/registration?utm_source=uao&utm_medium=podcast&utm_campaign=assetops_chicago . Full brief and deep dive: https://www.universalassetowners.com/