Why does Scott Galloway say Trump's Iran memorandum of understanding is not a deal?

Scott Galloway, drawing on mergers and acquisitions work, said a memorandum of understanding only opens the hard work of reaching a deal, and estimated that 30 to 50 percent of them ever close. He argued every day without a definitive agreement shifts leverage from the United States to Iran, which can delay knowing Americans have no appetite to return to war, and called the conflict the most expensive boomerang in history.

• Galloway warned the outcome could be worse than the JCPOA nuclear deal.
• Heather Cox Richardson said Iran has learned it can use the Strait of Hormuz as real leverage and that the US cannot withstand oil pressure the way Iran can.
• Richardson counted about 39 announcements of understandings and said their timing seemed designed in part to move markets.

▸In their words

“It's an agreement to pursue an agreement.” Scott Galloway · at 14:16 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on Pivot (2026-10-18). Read the whole episode summary →

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