Hayes: Trump & Iran "Very Much Like the Tariff Situation Last Year"

• Market volatility from geopolitical events is similar to tariff volatility, often driven by presidential tweets.
• De-risking is often an 'excuse for not knowing what you own'; investors should focus on free cash flow and intrinsic value.
• Extreme fear in the market (high put skew) creates opportunities to buy on 'red days'.
• VF Corp (VFC) is a turnaround story with a strong CEO, deleveraging, and returning growth in its portfolio.
• Walt Disney (DIS) has record free cash flow, significant buybacks, and its experiences business alone is undervalued, with ESPN, films, and Disney+ offering additional value.

Thomas Hayes compares current market volatility due to geopolitical events like the Iran situation to last year's tariff volatility, noting that both started and ended with presidential tweets. He advises investors to focus on underlying business fundamentals rather than succumbing to fear-driven de-risking, highlighting opportunities in dislocated assets. He recommends VF Corp and Walt Disney as potential investments.