Pure Evil
Author: Greg Valliere
October 11, 2023
THE KILLING IS FAR FROM OVER: Our favorite columnist, David Ignatius of the Washington Post, writes this morning that urban warfare is about to begin in the suffocating maze of apartments and tunnels in Gaza. It will be a slow and brutal war that Israel will win, at an enormous cost.
IGNATIUS WRITES THAT ISRAELI forces will be counter-attacking through buildings that are laced with hidden garrisons and booby-trapped passageways. “On every floor of every building, there could be a threat,” he says. And underneath this hostile city, there are miles of tunnels hiding not just Hamas fighters but also up to 150 Israeli hostages.
ONE MILITARY EXPERT told Ignatius: “Gaza’s urban area is crowded and large, but it also has a large number of multi-floor buildings that must be cleared of weapons and terrorists who don’t wear uniforms. We should steel ourselves for heavy civilian and military casualties.”
THE NEW REALITY: The priority is the safety of Israel itself, rather than individuals. “The most important thing is that we teach the other side that there is no way that they can do this without us changing the reality,” according to Gen. Dan Goldfuss, a paratroop commander. Israeli agents inside Gaza report that Hamas has prepared improvised explosive devices, antitank weapons and other defenses.
A KEY ELEMENT OF THE ISRAELI OFFENSIVE will be to try to decapitate the Hamas leadership. And Ignatius says the Israelis will have some technology advantages — they probably have detailed computer images of every major building in Gaza, “and they can use robots and drones to scout those buildings, find the Hamas defenders and kill them.” Many of the terrorists who kidnapped Israeli hostages were recorded on video — and it’s a safe bet that every one of them will be a target for Israeli revenge.
THE DISMAL END GAME: Ignatius asks — after the assault on Gaza, what then? Does Israel really want to own this poor, hungry enclave that even today, 75 years after Israel’s birth, resembles a refugee camp? “Perhaps Israel’s Arab friends, including a post-normalization Saudi Arabia, can create a stable post-Hamas government in Gaza that can bring prosperity and security to this place of misery and death.”
THAT MAY BE WISHFUL THINKING, as many more weeks of horrific fighting loom ahead. And there’s Iran, which will face covert and overt punishment for its support the ayatollahs who have cheered a pogrom. This pogrom of butchered grandmothers and children is a wake-up call — pure evil is still very much with us.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2025 AGF Management Limited. All rights reserved.
