★U.S.-Iran war exposes big market concentration risk. It isn't in S&P 500 stocks

"Geopolitical shocks, exemplified by the U.S.-Iran conflict, expose critical market structure vulnerabilities beyond traditional equity indices. Surging oil prices disproportionately stress emerging market economies reliant on energy imports, triggering capital flight from concentrated EM portfolios and intensifying FX volatility. This dynamic necessitates re-evaluating commodity exposure as a systemic risk hedge and scrutinizing regional capital allocation strategies."