The pool of speculative fervor will be drained, as impossible as that seems in this moment in history.
2025 may go down as The Year When Everything Happened in No Particular Order , tracking William Gibson’s famous line that “The future is already here, it’s just not very evenly distributed.”
Those expecting inflation will find it, those expecting deflation will find it, those expecting a stock rally will get a rally, those expecting a crash will get a crash, and so on.
The forces that drove reliable trends have all weakened or reversed:
1. ever-lower interest rates lowered the cost of credit/capital to near-zero.
2. the deflationary forces of…
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