Forecasting the future has always been a precarious endeavor. Financial markets—like the societies and economies in which they are rooted—are complex, adaptive systems influenced by countless variables. From technological breakthroughs and geopolitical realignments to demographic shifts and subtle policy pivots, this complexity often defies precise prediction. Even the most sophisticated quantitative models can fail to anticipate watershed moments. The financial crisis of 2008, the global pandemic of 2020, and the rapid transformation of energy markets all serve as reminders that certainty is elusive and that the future can unfold in surprising, nonlinear ways.

Yet as investors, we are not without tools. While we may not be able to pinpoint the exact trajectory of interest rates, commodity prices, or equity indices, we can seek to understand the structural forces at work—what some call megatrends—and use these insights to inform our decision-making. Our discipline is rooted not in clairvoyance but in observation, trend recognition, and a deep study of historical cycles. By examining the past and recognizing recurring rhythms of expansion and contraction, innovation and stagnation, integration and fragmentation, we can position ourselves to take advantage of what the future may hold.

In this paper, we highlight three interlocking megatrends that we believe will shape the global economy by 2025. These trends—deglobalization, decentralization, and fiscal dominance—are converging to create extraordinary opportunities in real assets. Historically undervalued relative to financial assets, these tangible investments may be poised to outshine more ephemeral claims on value. As we navigate the next cycle, the alignment of these trends suggests we are on the cusp of one of the most remarkable investment opportunities in recent memory, particularly in real assets such as industrial real estate, data centers, manufacturing infrastructure, commodities, and even digital assets like Bitcoin.