Right now we're in this weird limbo where all the big structural forces reshaping the global economy — deglobalization, demographic shifts, energy transition, debt overhangs, tech disruption — none of them have clear resolution points.

We're not at the beginning. We're not near the end. We're somewhere in the messy middle where policy uncertainty is highest and forecasting is basically guesswork.

This is why volatility isn't going away. Markets hate ambiguity more than bad news. And we're swimming in it.

The playbook: stay diversified, keep some dry powder, don't over-lever, and stop pretending anyone knows exactly how this plays out.