Highlights
- Markets are inherently unforecastable; emergence makes future outcomes unknowable in advance.
- Survival in complex systems comes from monitoring for and adapting to relevant marginal changes, not predicting them.
- Recent leadership rotations remain non‑threatening; risk lies only if new leadership turns defensive rather than cyclical.
- Recent weakness in leading cyclical industries (Crypto, Clean Energy, Drones Robots & Space, Quantum) appears temporary and structurally healthy.
- Biotech looks poised to refresh in a similar way; although reduced, we remain. . .
