Politics, health, demographics, real estate and the long-tail black swans.
Surging numbers of over-75s drive structural demand for long-term care, home health and medical devices, powering a durable bull market in eldercare-exposed equities.
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.