I’ve been investing for over 30 years, and it always comes back to one question. Where does value hide? Over the past decade, the answer shifted from products to platforms to technology stories. Anything that sounded novel captivated the market. In that world, large, gigantic companies could survive on slogans about synergy and reach. The market was patient.
This year it broke that spell. Higher rates changed the cost of waiting. Debt became expensive. Investors lost interest in stories without real shape. The market is now paying for clarity and refusing to subsidize structures that do not make sense. I have watched this pattern build for years. Finally, it appears poised to emerge into the open.
