Current Investment Themes

---

Unipolar to Multi-polar World

• Supply chain changes, beggar thy neighbor policies, political challenges everywhere, debt/GDP concerns, less global coordination - distrust.  Globalization has peaked.

Strong growth in infrastructure

• Existing infrastructure needs repairs while new is required for movements of supply chains, the energy transition, AI enablement, offset effects of climate change.

Artificial Intelligence is here

• White collar job disintermediation, productivity enhancer, energy consumer, scammers dream.