Investors priced in a 6-week Iraq War, but it lasted 8 years and cost $3 trillion. They're doing it again.

The article focuses on the parallels between current market optimism amid escalating U.S.-Iran conflict and the misjudged expectations during the 2003 Iraq War. It highlights concerns raised by NYU professor and entrepreneur Scott Galloway, who argues that investors and governments are underestimating the potential duration and consequences of the conflict, including economic, geopolitical, and humanitarian impacts. The piece also critiques the lack of a clear U.S. post-conflict strategy and notes historical media failures to critically assess official war narratives, warning that similar oversights could recur. Rising oil prices, regional instability, and refugee crises are identified as significant risks not yet reflected in market valuations. [Extracted from the article]