In this episode, Robert looks past the headlines to explain why the sudden shift in Venezuela is more than a geopolitical shock and could have meaningful implications for inflation, interest rates, and market leadership. He breaks down how changes in global energy supply affect bond yields, Fed policy expectations, and the outlook for small caps, hard assets, and cyclical sectors. Robert also answers a listener question on managing big gains in silver, reflects on volatility as the cost of strong long-term returns, and shares how he is thinking about positioning portfolios as we head into 2026.