Good morning. On Fortune’s radar today:
- EXCLUSIVE: Bill Ackman talks to Fortune about his war against socialism .
- Markets: Ignore the bombs, look at the numbers.
- Peace plan would give Iran control of the Strait of Hormuz.
- Wall Street is skeptical about Trump’s new tariffs on Canada.
- Anduril working with D-Wave Quantum on missile shields.
- Incoming: El Niño supply shock.
- Inside KitKat’s stolen chocolate caper .