A farewell to arms? Hamas considers its options

This episode of The Intelligence from The Economist covers two main topics: the shifting dynamics within Hamas and a new theory on market behavior driven by fear. The first segment features Nicholas Pelham discussing the increasing pressure on Hamas to lay down arms and the potential for a political transition within the organization, as well as the dire conditions in Gaza that are turning the population against them. The second segment explores a working paper that suggests fear, rather than risk, is a primary driver in financial markets, influencing investment decisions and asset pricing, with examples such as the fear of missing out on high-performing stocks. Finally, the episode concludes with a segment reflecting on the 80th anniversary of VJ Day and the end of World War II, drawing from The Economist's archive to examine the global implications and the dawn of the nuclear age.