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This is not one cycle rolling into the next. It is one regime giving way to another. Inside the same regime you get multi-year metal runs and a few years of higher rates. Across regimes the crashes required to complete the transition have historically been larger. The comparison that... show more
46,601 views • 21 days ago •via X (Twitter)
1 Comments

BallNamed Willson21 days ago
The regime point lands. The part most portfolios miss is geographic: Mubadala published results and kept deploying through an active conflict. Patient sovereign capital positions ahead of the turn.
