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   DealBook: Hoping for an off-ramp
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   Also, the war’s hit to the airline industry.
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             April 1, 2026
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          Good morning. Andrew here.
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         <span>
          I only got the chance to speak with Steve Jobs twice during his lifetime. This morning, on Apple’s 50th anniversary, I’m thinking of him.
         </span>
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         <span>
          Apple’s success was never preordained. Remember that the company nearly went bankrupt in the 1990s, before Jobs returned after a decade-long exile. But while we tend to celebrate founders — especially those like Jobs with powerful visions and intensity — the most underappreciated business story of the past decade may be what Tim Cook did to grow Apple’s business so successfully after Jobs’s death in 2011. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             President Trump has signaled he’s ready to bring the U.S. campaign in Iran to an end.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Doug Mills/The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Two to three weeks?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are largely breathing a sigh of relief this morning, as investors took hope that President Trump was preparing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wind down U.S. strikes on Iran
         </a>
         <span>
          within — by his estimation — “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two weeks, maybe three
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But political and business leaders around the world continue to worry that the long-term consequences of the fighting and a potentially sudden end to U.S. operations may last a lot longer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cautious optimism is dominating the markets.
         </span>
         <span>
          Brent crude, the international benchmark for oil, briefly fell below $100 a barrel this morning, while S&amp;P 500 and Nasdaq Composite futures were both in the green and the yield on 10-year U.S. Treasury notes was down, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, both Brent and the 10-year are ticking up from session lows.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump signaled that he wanted to wrap up the fighting.
         </span>
         <span>
          “We will be leaving very soon,” he told reporters yesterday, and the administration said he would address the nation tonight. Secretary of State Marco Rubio also suggested that Washington was close to achieving a key goal: preventing Tehran from being able to build a nuclear weapon. “We can
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          see the finish line
         </a>
         <span>
          ,” Rubio said on Fox News.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That push to quickly end the war comes after weeks of worries about global energy supplies, which sent oil prices surging — AAA just reported that the average U.S. price for gas is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $4.06 a gallon
         </a>
         <span>
          , up 36 percent from a month ago — and Trump’s approval
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          poll numbers to new lows
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Many questions remain unanswered, though:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Will the Strait of Hormuz fully reopen? Trump told The New York Post that the waterway, a crucial conduit for global oil and natural gas shipments, would “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                automatically
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” do so once the U.S. stopped fighting. But he added that other countries dependent on the strait should “go and open it,” potentially forcing allies like the United Arab Emirates to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                deploy their own military forces
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Has Washington really achieved its objectives? While Trump has claimed that he had ended Iran’s nuclear threat, there’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plenty of contrary evidence
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Is Iran ready for peace? Masoud Pezeshkian, the country’s president, said Tehran expected
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                some requirements to be met
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , particularly guarantees “to prevent the recurrence of aggression.” In the meantime, Iran has continued to target U.S. allies in the region and threatened to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                strike U.S. tech giants’ key assets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                there.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump himself is still adding to global uncertainty.
         </span>
         <span>
          He told The Telegraph that he was again weighing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          withdrawing the U.S. from NATO
         </a>
         <span>
          , citing alliance members’ refusal to commit military forces to reopen the strait.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He also hasn’t ruled out potential escalation, including by putting American troops on the ground to try to seize Kharg Island, a key Iranian oil export hub.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Up next:
         </span>
         <span>
          Trump is scheduled to deliver “an important update” on the war in a national address today at 9 p.m. Eastern.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          OpenAI adds $12 billion to its record-breaking fund-raising round.
         </span>
         <span>
          The artificial intelligence giant announced that it had raised
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $3 billion from individual investors
         </a>
         <span>
          , via banks, for the first time, alongside money from new institutions including Andreessen Horowitz, D.E. Shaw Ventures and the Emirati firm MGX. In other A.I. news, Anthropic
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          accidentally released part of the source code
         </a>
         <span>
          for its Claude Code tool, letting slip potential new features, and Nvidia said it had invested
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2 billion in the chipmaker Marvell Technology
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nike takes a blow from the war in Iran.
         </span>
         <span>
          Shares in the sportswear titan were down more than 9 percent in premarket trading after the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gave a lackluster sales outlook
         </a>
         <span>
          that reflected struggles in the Middle East and Europe and as well as a wider slowdown in China. The results will weigh on the turnaround led by Elliott Hill, Nike’s C.E.O. “This is complex work, and parts of it are taking longer than I’d like,” he told analysts yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warren Buffett goes quiet on Bill Gates.
         </span>
         <span>
          Buffett told CNBC yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he hadn’t spoken to the Microsoft co-founder
         </a>
         <span>
          since the “whole thing” around the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jeffrey Epstein files
         </a>
         <span>
          “was unveiled.” (Buffett said that he didn’t “want to be in a position where I know things” or “be called as a witness” for any Epstein proceedings.) Asked if he was still good friends with Gates, Buffett shared fond words about their personal relationship, but declined to say more beyond that.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The war’s effect on aviation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stocks in Asia joined the global market rally this morning. But that has done little to alleviate wider concerns within the region, whose
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          energy needs have been hit
         </a>
         <span>
          especially hard by the war in Iran.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fuel rations, orders to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          work from home
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          setbacks to business travel
         </a>
         <span>
          and more threaten to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dent economic activity
         </a>
         <span>
          across the continent. Even if the war ends soon, its fallout may lead to similar disruptions around the world, Grady McGregor and Bernhard Warner report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The data point to watch:
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jet fuel prices
         </a>
         <span>
          , which have more than doubled over the past month in Asia and Oceania to $208 a barrel this week, according to the International Air Transport Association.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Thailand grounded
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          much of its fishing fleet
         </a>
         <span>
          to reduce fuel consumption. And the Philippines last week declared
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a national energy emergency.
         </a>
         <span>
          Airlines across Asia have been cutting back or ditching flights on all but “their busiest and most profitable routes,” Rory Johnston, an independent oil analyst who writes a commodities newsletter, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Similar price shocks could spread to Europe and to parts of North America
         </span>
         <span>
          , Johnston added. Europe could run into jet fuel shortages
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as next month
         </a>
         <span>
          , Bloomberg reports, citing unnamed sources. That’s more likely if shipments of kerosene, a key component, remain disrupted by Iran’s de facto blockade of the Strait of Hormuz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sky-high airfares and route disruptions are the first thing travelers will encounter.
         </span>
         <span>
          Fuel costs can account for as much as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          30 percent of an airline’s operating cost
         </a>
         <span>
          , and many carriers have begun to adjust. “We have to raise prices to deal with higher fuel prices,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Scott Kirby
         </a>
         <span>
          , the C.E.O. of United Airlines, said last week. Cathay Pacific Airways, based in Hong Kong, has already raised fuel surcharges, and Japan Airlines and All Nippon Airways
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are slated to do so
         </a>
         <span>
          as well.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          United, Air New Zealand and the Scandinavian carrier SAS have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced capacity cuts and rate hikes
         </a>
         <span>
          , according to Reuters. The longer the war goes on, “there’s no escaping” the global hit to the travel sector, Johnston said.
         </span>
        </p>
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            <img alt="Steve Jobs standing in front of a white Apple logo, holding a first-generation iPhone in his left hand." class="css-xsf469" height="387" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F01%252Fmultimedia%252F01db-jobs-iphone-gkth%252F01db-jobs-iphone-gkth-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzUwNDQ1MDMuNzIwOTY1Nn0:1w7uA3:Ga6KMCdeC8CCslJ6hfusXAx5OtzuhfLdHosctbcaDKg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              In 2007, Steve Jobs said the iPhone “changes everything.” That included Apple’s fortunes.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Paul Sakuma/Associated Press
             </span>
            </span>
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Apple and the trillion-dollar computer
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Apple began life in 1976 as a three-person company selling one computer model, the Apple I, for $666.66 (or just north of $3,800 in today’s money). But that’s a generous description: The Apple I was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold as a circuit board
         </a>
         <span>
          , and needed a monitor, keyboard, power supply and more to actually function.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Exactly 50 years later, Apple has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than 150,000 employees
         </a>
         <span>
          around the globe. It has also created perhaps the most lucrative consumer product in history: the iPhone, which Steve Jobs memorably introduced in 2007 as a gadget “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that changes everything
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jobs wasn’t wrong.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows the growth in iPhone revenue, dating back to 2007." class="css-xsf469" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F01%252Fbusiness%252F01db-chart%252F01db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzUwNDQ1MDMuNzIxMTM1Nn0:1w7uA3:ol20qxV4DH7XOpYc5iO7YS1daJ6M6AxXqxxdqkhDbXQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The iPhone, a meticulously designed and precisely engineered mini-supercomputer, ushered in a new era of technology. And it has been a profit gusher for Apple, generating by the company’s own accounting about
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          $2.2 trillion
         </span>
         <span>
          in revenue from 2007 to September 2025. Its success has made Apple one of the most valuable publicly traded enterprises on the planet, with a market value of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          $3.7 trillion
         </span>
         <span>
          .
         </span>
        </p>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Your thoughts on stock trading by elected officials
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday, Andrew
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          asked readers
         </a>
         <span>
          for their opinions on a question he’s been pondering for years: Why haven’t politicians acted decisively to restrict stock trading for themselves, their staff and anyone handling market-moving information? Sure, elected officials may be serving their own interests. But why don’t voters seem to care enough to hold them accountable and force a change?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The issue was on Andrew’s mind because of a report in The Financial Times, denied by the Pentagon, that Defense Secretary Pete Hegseth’s broker had considered buying a defense exchange-traded fund
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shortly before the strikes on Iran began
         </a>
         <span>
          . That news followed previous
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports of trading
         </a>
         <span>
          around some of President Trump’s big decisions and announcements over the past year that experts saw as suspicious.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The topic of trading by government officials struck a nerve with readers, to say the least. Our inbox was flooded with replies. Here are some of your responses, which have been condensed and edited for clarity.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “This issue of politicians and insiders who have market-moving information and act on that by trading in advance of events has bothered me for a long time. Public corporations are required to restrict this and the same should go for other ‘insiders.’ Thank you for shining some light on this issue.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Stephen Stroud
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “It is a plague that compromises trust in our markets and financial system. I would like all active trading banned for lawmakers along with a bipartisan group that can oversee that their portfolios are run ‘independently’ while in office to confirm no shenanigans.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Seth Kreger
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “As a former auditor, I couldn’t hold a share of stock in any of the firm’s audit clients. Trading on or disseminating inside information was completely outside the realm of thought. It is unbelievable to me that members of Congress and the administration are able to actually trade stocks or other securities with inside information. How can this make sense?” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Fred Kuntzman
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “My grandfather was a governor of the N.Y.S.E., and my father was a floor broker. They warned me years ago, when I began my career in the apparel industry, not to engage in insider trading based on information I acquired through my work. Those rules had some teeth back then. Just ask Martha Stewart. How absurd that advice seems now, given what’s happening in plain sight.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Helen R. Litt
               </span>
              </li>
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                Patti L. Morrow
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             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Unilever and McCormick
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                fell yesterday
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                after the two companies announced a giant deal to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                combine their food businesses
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Reuters, NYT)
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The activist investor Irenic Capital Management has amassed a roughly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                2.5 percent stake in Snap
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the parent company of Snapchat, and recommended changes like spinning off or shutting its smart glasses division. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Allbirds was once Silicon Valley’s favorite sneaker brand, with a $4 billion valuation. It just
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                sold for $39 million
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
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                Nearly 20 million taxpayers so far have claimed a
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                new tax break on overtime pay
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to Treasury Department data, flummoxing Democrats politically. (Politico)
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              </li>
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                “
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                Justice Dept. Struggles to Respond
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Trump’s Lawsuit Against I.R.S.” (NYT)
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          Best of the rest
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                “America Now Has an E.V. Rust Belt.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                High Gas Prices Won’t Rescue It.
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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                A new report ranks several popular graduate degrees
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                by their financial returns
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Sorry, psychology students. (WaPo)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How drones are smuggling contraband to British prisons “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as if by Uber Eats
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” (NYT)
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