So much global capital has gone into US markets there might not be that much more to come in, so a s

Mar 31, 2023
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So much global capital has gone into US markets there might not be that much more to come in, so a small investment elsewhere can really move the needle.

Structural pivots. Often what was scarce was then so heavily invested in in the last decade is currently abundant, and what was ignored for a 5-year investment cycle is now undersupply and there's opportunity there. In the 90s tech got overinvested, so when it turned things that were not tech (and were uninvested) got growth. Money poured into commodities, energy, etc. And then tech started to become interesting again in the 2010s. Everyone was in EM-commodity-real estate complex.

We've overbuilt and overvalued cloud and tech. We have tons in the marketplace. But we're not heavily invested in copper mines, EM infrastructure, supply chains, hard assets, manufacturing. There's scarcity in real sectors.

Cadence software, moved from software to subscription (stickier, more profitable), but everyone already knows it's a good company.

Commodities don't often do well, but when they do, they often do very well. When stocks and bonds are both going down, commodities often go up.
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<div>So much global capital has gone into US markets there might not be that much more to come in, so a small investment elsewhere can really move the needle.</div><div><br></div><div>Structural pivots. Often what was scarce was then so heavily invested in in the last decade is currently abundant, and what was ignored for a 5-year investment cycle is now undersupply and there's opportunity there. In the 90s tech got overinvested, so when it turned things that were not tech (and were uninvested) got growth. Money poured into commodities, energy, etc. And then tech started to become interesting again in the 2010s. Everyone was in EM-commodity-real estate complex. <br></div><div><br></div><div>We've overbuilt and overvalued cloud and tech. We have tons in the marketplace. But we're not heavily invested in copper mines, EM infrastructure, supply chains, hard assets, manufacturing. There's scarcity in real sectors. <br></div><div><br></div><div>Cadence software, moved from software to subscription (stickier, more profitable), but everyone already knows it's a good company. <br></div><div><br></div><div>Commodities don't often do well, but when they do, they often do very well. When stocks and bonds are both going down, commodities often go up.<br></div>
So much global capital has gone into US markets there might not be that much more to come in, so a small investment elsewhere can really move the needle.

Structural pivots. Often what was scarce was then so heavily invested in in the last decade is currently abundant, and what was ignored for a 5-year investment cycle is now undersupply and there's opportunity there. In the 90s tech got overinvested, so when it turned things that were not tech (and were uninvested) got growth. Money poured into commodities, energy, etc. And then tech started to become interesting again in the 2010s. Everyone was in EM-commodity-real estate complex.

We've overbuilt and overvalued cloud and tech. We have tons in the marketplace. But we're not heavily invested in copper mines, EM infrastructure, supply chains, hard assets, manufacturing. There's scarcity in real sectors.

Cadence software, moved from software to subscription (stickier, more profitable), but everyone already knows it's a good company.

Commodities don't often do well, but when they do, they often do very well. When stocks and bonds are both going down, commodities often go up.

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