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There is a deep tension in markets as cyclical conditions, which have converged toward reasonable equilibriums, continue to confront big, interrelated paradigm shifts in geopolitics, the macroeconomy, and technology.

Markets are gripped by a tension between cyclical equilibrium and overlapping paradigm shifts—modern mercantilism is redefining geopolitics and the global economy, AI is becoming transformative, while portfolios are heavily concentrated in US assets. In this edition of Connecting the Dots, our Co-Chief Investment Officers explain how we’re processing these dynamics and share their perspective favoring a balanced position across assets today.

Cheap, abundant electricity is critically important to the AI race and national competitiveness. We take stock of energy supply and security across the US, China, and Europe.