Politics, health, demographics, real estate and the long-tail black swans.
Reinsurers doubling cat rates makes coastal/wildfire homes effectively unmortgageable — a housing-collateral and insurance-cost shock, not an agricultural one; the modeled wheat/corn +0.
Sustained appetite suppression dents snack/soda volumes and slows new diabetes complications, a structural demand shift that lifts pharma while pressuring consumer-staples names.
Japan's stock of abandoned akiya houses climbs past 12 million as rural towns empty out, collapsing provincial land values and entrenching a localized deflationary drag outside the big metros.