The Structural Shift From Digital to Physical Assets

Financial markets are undergoing a genuine reset in asset leadership, and the mechanics behind it are more durable than the geopolitical headlines that have been accelerating it. For years, low inflation and inexpensive capital directed investment flows toward digital and software businesses where distant earnings could be discounted at rates that made patience look rational. That environment has changed in ways that are structural rather than cyclical, and the capital rotation now underway reflects a reassessment of which earnings profiles actually warrant premium multiples when money has a real cost.