Looking back over the past twenty years, the main theme of the global economy has been very clear: globalization dividends, cheap capital, and unlimited expansion. This logic was once invincible.

But now things are different. Geopolitics is fragmenting, capital is beginning to have borders, and countries are prioritizing national security over efficiency. Simply put, the era where as long as there was growth someone would take over—has ended.

In the next 25 to 27 years, de-bubbling will be an unavoidable theme. The market is re-pricing, and many things need to be re-evaluated. For investors, this window is very critical.