Hormuz: The War Heats Up
A quick note after reviewing the events of recent strikes on Iran by the United States. We’re attaching a July 17th note which described, and we’ve excerpted from it, some of the targets.
July 20, 2026
David R. Kotok co-founded Cumberland Advisors in 1973 and during his career served as its Chief Investment Officer, CEO, and Board Chairman. Today, he serves as a Strategic Advisors to the firm and continues to write regular commentaries, author books & pamphlets, and speak at public events. David holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.
A quick note after reviewing the events of recent strikes on Iran by the United States. We’re attaching a July 17th note which described, and we’ve excerpted from it, some of the targets.
Fed Chairman Warsh has announced excellent task force appointments, in my opinion. What models will they consider? Today we will talk about one of them — the Phillips Curve.
In response to recent KR commentaries regarding Social Security and Social Security disability benefits funding, two highly qualified readers weighed in with more food for thought.
David R. Kotok’s financial market commentaries have appeared in publications including the New York Times, the Wall Street Journal, and Barron’s, and he has appeared on Bloomberg TV, Bloomberg Radio, Yahoo Finance TV, and other traditional & digital media outlets. He also shares his perspective on his own YouTube channel: youtube.com/@David-R-Kotok
