The Taliban and al-Qaeda were not the only ones marking their calendars while listening to President Obama’s speech last night. Certain parties in Tehran and Moscow were making self-interested calculations as well.

In those cities, the lines from the speech that mattered most were those pertaining to the 18-month timetable. If the president of the United States pronounces this war to be so important, yet spends much of his time plotting an exit seemingly untethered to victory (indeed, doesn’t even define what “victory” in Afghanistan would be), that sends a signal to our adversaries likely to produce headaches in the future: Be patient, and your aims shall be realized.

If there was any doubt in Tehran that no serious effort would be made to prevent Iran from developing a nuclear weapon, that doubt was markedly diminished, if not extinguished, last night. And the gleam of adventurism in Mr. Putin’s eyes shines brighter today as well.

The dog whistle in last night’s speech alerted a few wolves as well.