[Garrett Jin: Market Bets on Peace Expectations Diverge from Energy Supply and Demand] '1011 Insider Whale' agent Garrett Jin pointed out that market pricing based on 'peace expectations' is driving risk assets higher, but the energy market's supply and demand dynamics diverge from this trend. The S&P 500 reached an all-time high, while Brent crude oil rebounded to approximately $103. Goldman Sachs data shows that the short-to-long ratio in March reached 7.6:1, marking the fastest net selling pace in 13 years. Assumptions such as smooth passage through the Strait of Hormuz and falling oil prices have not materialized, and the gap between forward earnings expectations and actual earnings has risen to its highest level since 2021.