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. And check out the responses to my question yesterday about how the Trump administration may try to prevent ad agencies from boycotting certain websites over political speech.

Playing down geopolitical risk

Israel and Iran continue to exchange heavy fire for a fifth straight day, dismaying those hoping for a diplomatic breakthrough.

President Trump abruptly departed the Group of 7 summit in Canada, and said he was looking for something “better than a cease-fire” between Israel and Iran. Earlier, he had said that “everyone should immediately evacuate Tehran!” His comments added to his mixed messages on the conflict.

But investors are taking the geopolitical uncertainty — including turbulence in a key shipping route — in stride.