Markets often struggle to discount geopolitical risk and the response to the extreme violence in the Middle East last week and subsequent escalation of rhetoric seems to be no exception. Relatively benign movements in energy and capital markets thus far perhaps betray a complacency that our guest this week, Elliot Hentov from State Street Global Advisors, believes could be tested. Fragmentation globally and within the US political system make this a particularly fraught period as we look to assess the short- and long-term ramifications of yet another geopolitical flashpoint.