Material shortages. Precious metals, commodities, chips, GPUs, storage, ammunition... shortages have become the norm. This is not an issue in isolated sectors but a systemic supply imbalance.

Looking back over the past thirty years, three conditions had to be met simultaneously to support the entire economic system: a globalized supply chain that eliminated geopolitical barriers, long-term low and stable energy prices, and a broad credit foundation for financial assets.

And what about the current situation? These three pillars are collapsing simultaneously. Supply chains are fragmenting, energy costs are soaring, and the financial credit system is beginning to wobble. When triple pressures converge, the market faces not just cyclical adjustments but structural reshaping. For investors, this means rethinking the logic of asset allocation.