The Globe and Mail reports in its Thursday edition that plenty of market types are puzzled by the absence of financial panic as major economic disruptions converge. The Globe's Tim Shufelt writes that in the year so far, U.S. stocks are down by about 3 per cent, while Toronto is up by 2 per cent. That is tough to square with the macro shocks now menacing the real economy: the conflict in Iran, the tariff wars, the artificial-intelligence revolution and the trouble brewing in private credit. The turmoil is there; it is just hidden. Some Canadian blue chips have been pulverized. Brookfield Asset, Constellation Software, Thomson Reuters and Shopify are all down by 30 to 60 per cent from their 52-week highs. Lots of big U.S. names have suffered the same fate. Part of the answer is that the shocks that have arisen seem to be conveniently offsetting. On one hand, the AI trade has crushed software stocks. On the other hand, the run-up in energy prices has Canadian Natural Resources, Suncor and Imperial Oil soaring at least 40 per cent year-to-date. Meanwhile, private capital giants Blackstone, KKR and Apollo have taken hits, but these are boom times for defence stocks as the likes of Lockheed Martin and Northrop Grumman.