2022 saw a sudden change in official narrative from virus obsession to Ukraine obsession and weather obsession. We also saw a dramatic fall in fringe asset classes. Crypto and loss making start-up companies have been hard hit.
These two trends may seem unrelated. However, they have a common core. The change in narrative was necessary because people were getting sceptical of the virus narrative. Fringe asset classes have similarly been hit by scepticism.
This is in line with my prediction from two years ago. People will increasingly look for things that are real. Mere ideas and promises of future returns won't do when reality comes knocking on our doors.
My prediction for 2023 is that this shift towards scepticism, and a renewed appreciation for all things tangible and productive, will continue. Things lacking in substance, be it narrative or asset classes, will continue to fall out of favour.
The current construct of narrative and fake assets is falling apart, and I suspect this will continue until all things fake will be shunned by just about everybody. If so, 2022 was a year of a mega-trend reversal. The new trend that has just begun will be towards all things real and tangible, and it may last for decades before some new trend gets a foothold.
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| Gold eagle |
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