Capex Nation: Investment Themes For A Decade

2025-08-07 18:29:12 ET

Is the Free Market Era Ending?

After the fall of the Berlin Wall, we have lived for several decades in an economy where globalization, deregulation, and "market knows best" policies have influenced and shaped our culture and economic behavior. The rise of China benefited the world as manufacturing activities could be offshored at a low cost, which is part of the reason why we have seen decades of low inflation. But as the world was shaken by the pandemic and other geopolitical events, we have seen the U.S. (and many of its allies) pivoting to a renewed state-backed industrial policy. Chip subsidies, tax credits to benefit clean energy, redefined supply chains that must be nearshore or in-shored, huge capex flows, massive investment strategies, and now tariffs all represent the pieces of the new puzzle being formed. ...

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