Group 1 - The market is still further recognizing the expectation gap regarding the US-Iran conflict, with the core anchor being the ICE Brent crude oil price, which has seen significant fluctuations from around $80 to a high of $119 before retreating again [3][11][16] - The expectation gaps identified include the duration misalignment from "AI strike" to "mosaic quagmire," the physical rigidity of the Hormuz Strait blockade versus the illusion of increased production, and the US strategy of "watching while fighting" alongside a shift in the Middle Eastern landscape [3][11][15] Group 2 - The next important signal for the market is the convergence of volatility in oil prices, which is currently high and affects various asset classes; the focus should be on when this volatility will stabilize rather than the final price level of oil [4][16] - During periods of high volatility, investment strategies should focus on three levels of asset allocation: "certain varieties" such as shipping, gold, and upstream energy; "trend varieties" like defense and cybersecurity; and "non-consensus" allocations in agriculture and volatility strategies [4][16][17] Group 3 - In the medium to long term, as volatility decreases, investment strategies should pivot towards AI technology, cyclical sectors, and high dividend stocks, particularly in coal, non-bank financials, media, petrochemicals, and transportation [4][17][18] - The report emphasizes the importance of maintaining confidence in a bull market while adjusting expectations and seizing opportunities in physical asset allocations due to geopolitical shocks [5][19]