The Israel-Iran clash seemingly has no end in sight — a prospect that does not seem to be panicking the markets.

There’s no letup in sight to the conflict between Israel and Iran.Arash Khamooshi for The New York Times

Does it ever surprise you that the stock market doesn’t nosedive when we hear about reports of war? It often falls and quickly recovers, long before the outcome is clear. We go deep on this topic this morning as we consider how to price the potential of all-out war. I know, I know — it is not exactly the happiest of topics to start the day.

We also have a fascinating look at a unique and little-known realm of corporate governance: proxy fights in which the fighters knows they’re going to lose — and in fact, winning the vote isn’t their goal.

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