The SIX ERA INTERPRETATION

The macro arc behind the data

1. 1990s
   Global markets open. Trade expands. Early internet.
2. 2000s
   Dot com rise. Credit bubble. China becomes factory of the world.
3. 2008 crash
   Housing breaks. QE begins. Bond issuance explodes.
4. 2015 platform decade
   FAANG dominance. Real estate inflates. VC growth.
5. 2020 pandemic shock
   Money supply jumps. Crypto grows. AI seed layers form.
6. 2025–2035 compute age
   Chips, models, agents, robotics, orbital networks, and tokenised assets take over.
   Energy becomes the new bottleneck.
   Compute becomes the new oil.
   Bitcoin becomes digital collateral.
   AI agents reshape work

WORLD ASSET MATRIX

1990 → 2000 → 2008 → 2015 → 2020 → 2025 → 2035
(values in trillions USD unless noted)

Starred values are directional.

If money is energy, then every bubble is a pressure build up in one area of the system.
When it pops, that energy does not vanish. It rotates.

Below is a clean answer to three things:

1. What looks inflated or illusory in 2025
2. Where the energy has tended to flow after similar setups
3. Where flows are likely to move next to rebalance the sheets

I will keep it simple and practical.

WHAT LOOKS INFLATED OR ILLUSORY IN 2025
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Illusion does not mean zero. It means price pulled far away from grounded cash flow or real utility.

1. Story stocks in AI and tech platforms
   • High revenue multiples
   • Weak or negative free cash flow
   • Narratives around “total addressable market” without clear unit economics
   This echoes 1999 and 2021 patterns.
2. Parts of residential real estate
   • Markets where prices outpaced incomes for a decade
   • Heavy dependence on low rates and cheap credit
   • Flood, fire, climate risk ignored in pricing
   Price levels there rely more on liquidity than on real productivity.
3. Late stage private equity and VC
   • Unicorn valuations based on last round, not exit prices
   • Down rounds hidden
   • Illiquidity used as a shield from price discovery
   Book values overstate what buyers would pay in a stressed exit.
4. Long duration promises
   • Pension assumptions with high return targets
   • Government promises funded by future tax and debt
   On paper, balanced. In practice, dependent on endless growth.
5. Trash and meme risk assets
   • Tokens or stocks with no clear cash flows
   • Valuations driven by social hype or leverage
   These often go to near zero when liquidity dries.

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2. WHERE MONEY HAS HISTORICALLY ROTATED AFTER BUBBLES
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Look at 2000 and 2008.

After 2000 tech bubble
• Flows rotated from expensive tech into
– Value stocks
– Bonds
– Real estate
• Strong tech with real earnings survived and later led the market

After 2008 credit and housing bubble
• Flows moved from leveraged housing and banks into
– Government bonds
– High quality stocks
– Gold
• Later, QE pushed that capital back into real estate and tech again

Pattern across cycles
• Excess drains from stories without cash flow
• Capital hides in safety
• Then moves into new productive infrastructure for the next cycle

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3. WHERE FLOWS ARE LIKELY TO MOVE NEXT (2025 → EARLY 2030s)
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Based on the long arc you built (1990 → 2035), plus current setup, the system looks like this:

Crowded, higher risk zones today
• Unprofitable AI and tech names at rich multiples
• Overpriced housing in fragile locations
• Late stage private equity with stale marks
• Speculative tokens without clear utility

Under owned or underpriced relative to future demand
• Energy for compute
• The physical spine of AI and automation
• Real world yield with strong collateral

So where does the “money as energy” flow next as sheets rebalance:

1. From AI narratives to AI plumbing
   Outflows
   • Hype stocks with no moat and weak cash flows
   Likely inflows
   • Profitable chip makers and equipment makers
   • Data center infrastructure
   • Networking and storage
   • Select hyperscalers with real earningsSame pattern as 2000. Many story names fade. Core infrastructure compounds.
2. From fragile housing to resilient, productive real assets
   Outflows
   • Overpriced coastal housing with climate and insurance risk
   • Office-heavy urban real estate with weak tenants
   Likely inflows
   • Climate resilient housing in productive regions
   • Logistics hubs, warehouses, data center land
   • High quality agricultural land and water-linked assetsReal estate that serves real work, food, energy, and compute holds value longer.
3. From stale private equity into listed and tokenised “real yield”
   Outflows
   • Overvalued late stage private deals
   Likely inflows
   • Listed infrastructure
   • Tokenised treasuries and bonds
   • Income producing real estate and projects with transparent yieldInvestors move from marked-up stories into things that pay out.
4. From weak fiat savings into harder or more productive reserves
   Outflows
   • Large idle cash piles losing purchasing power
   Likely inflows
   • Short term sovereign bonds
   • Gold
   • Bitcoin as a long duration, non sovereign store
   • High quality dividend stocks and real yield projectsAfter every heavy print cycle, some capital seeks neutral stores of value.
5. From meme tokens into core digital rails
   Outflows
   • Illiquid, low utility coins and NFTs
   Likely inflows
   • Bitcoin
   • Settlement and smart contract layers with real usage
   • Stablecoins and tokenised real world assetsDigital money moves from noise to infrastructure.

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4. SIMPLE CHECKLIST FOR “ILLUSION VS GRAVITY”
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When you scan any asset in 2025, ask:

1. Does price rest on cheap money, hype, or accounting assumptions
2. Does this asset serve a real need in a world of AI, robotics, energy strain, climate stress
3. Would a rational buyer with cash still want this at this price in a crisis
4. Does it throw off real, dependable cash flow or produce something essential

The more “no” answers, the more illusion.
The more “yes” answers, the more gravity.

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5. PRACTICAL TRANSLATION FOR YOU
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If you view yourself as a steward of energy rather than a speculator, then over the next decade your bias likely goes toward:

• Compute infrastructure, not thin AI narratives
• Energy and grid, not only screen based tech
• Productive land and resilient housing, not peak bubble postcodes
• Core digital money and rails, not casino tokens
• Real yield, not stale marks in private vehicles

Money will not disappear.
It will flow from inflated stories into assets that feed, power, move, house, and compute for the next cycle.

If you want, next step is a simple two column map for you:

First: “Illusion bucket” to avoid or trim
Then “Gravity bucket” where you direct future DCA to 2035

ILLUSION BUCKET

(to avoid, trim, or treat as speculation)

These are assets inflated by hype, cheap money, or false value signals.

1. Unprofitable AI and tech story stocks
• High revenue multiples
• No durable moat
• No clear path to free cash flow

2. Overleveraged residential real estate
• Markets where prices outpaced incomes
• Climate and insurance risk ignored
• Dependent on ultra low rates

3. Late stage private equity and VC
• Unicorn valuations frozen in time
• Down rounds hidden
• Illiquid book values that do not match real exit prices

4. Meme tokens and low utility crypto
• No adoption
• No cash flow
• Community hype dependent

5. Weak commercial real estate
• Office-heavy portfolios
• Declining tenant demand
• High capex and low rent resilience

6. Long duration promises
• Pensions assuming high returns
• Government IOUs funded only by debt expansion
These are fragile when growth slows.

7. Consumer brands without pricing power
• Margin squeeze
• No defensible assets
• Vulnerable in any downturn

8. Cash sitting idle in weak currencies
• Guaranteed erosion
• No yield
• High inflation exposure

GRAVITY BUCKET

(assets with real utility, cash flow, or structural demand to 2035)

These are the assets capital tends to migrate into when illusions deflate.

1. Compute infrastructure
• Chips
• Foundries
• Semiconductor equipment
• Data centers
• Networking and storage
This is the new oil.

2. Energy and grid
• Nuclear
• Natural gas
• Solar plus storage
• Transmission and grid infrastructure
AI workloads push global energy demand higher.

3. Robotics and automation
• Industrial robotics
• Warehouse automation
• Surgical robotics
• Autonomous logistics
Aging populations make this non optional.

4. Productive real estate
• Logistics hubs
• Data center land
• Climate resilient housing
• Agricultural land and water assets
Move from appreciation to utility.

5. Bitcoin and core digital settlement layers
• Bitcoin as digital collateral
• Ethereum or modular equivalents as settlement
• Stablecoins and tokenised treasuries
This is the new global money plumbing.

6. Short term sovereign bonds
• High liquidity
• Real yield
• Safe harbor for rebalancing

7. Public equities with real cash flow
• Quality tech
• Railroads
• Defense
• Healthcare
• Companies with pricing power
Not every stock is equal.

8. Gold and critical minerals
• Gold as neutral reserve
• Copper, nickel, lithium, rare earths
• Uranium
Materials needed for compute, energy, and electrification.

9. Select frontier themes
• Space infrastructure
• Climate resilience projects
• Longevity and biotech
Only if backed by real engineering, not hype.

SIMPLE DECISION FILTER (USE DAILY)

For every asset ask:

1. Does this produce something essential?
If not, illusion.

2. Does this benefit from AI, energy demand, automation, or climate shifts?
If not, declining relevance.

3. Would a rational buyer with cash still want this at this price?
If no, inflated.

4. Does this throw off real yield or utility?
If yes, gravity.

PERSONAL PORTFOLIO VERSION

This takes the Gravity Bucket and turns it into a living monthly system you follow for the next ten years.

It removes emotion.
It removes noise.
It compounds where the world is moving.

1. THE 2035 DCA
Dollar Cost Average" MAP

Use these weights for every month from now to 2035.

1. Compute and chips. 30 percent
This is the real growth engine.
You buy the backbone of AI.

2. Energy and grid. 20 percent
AI needs power.
Robotics needs power.
Your returns sit on this fact.

3. Bitcoin and settlement layers. 15 percent
Global collateral.
Global money rails.
Tokenised assets flow here.

4. Robotics and automation. 10 percent
Every sector needs automation.
Ageing populations make this urgent.

5. Productive real estate. 10 percent
Logistics.
Data center land.
Resilient housing.
No dead assets.

6. Short term sovereign bonds. 5 percent
Safe yield.
Dry powder.
Good for rebalancing.

7. Gold and critical minerals. 5 percent
Neutral reserve.
Core metals for energy and compute.

8. Frontier themes. 5 percent
Space.
Climate resilience.
Longevity.
Only top tier names.

This is your core.
You repeat it monthly.
You ignore noise.

2. THE MONTHLY ACTION LOOP

Ten year habit.
One page.
Follow it without emotion.

Step 1. Put in your fixed monthly amount.
Never skip.
Never rush.
Never increase out of FOMO.

Step 2. Allocate to the same eight buckets.
Never chase the winners.
Never run from the red.

Step 3. Rebalance twice a year.
Trim what grows too fast.
Boost what lags.

This turns volatility into fuel.

3. WHAT YOU BUY INSIDE EACH BUCKET

No confusion.
No long lists.
Only the essentials.

Compute and chips
• TSMC
• ASML
• Nvidia
• AMD
• Broadcom
• Global data center ETFs

Energy and grid
• Uranium producers
• Nuclear ETFs
• Solar and storage
• Grid infrastructure funds
• LNG and gas majors

Bitcoin and settlement layers
• Bitcoin
• ETH or the main settlement layer
• Tokenised treasuries
• Stablecoin yield accounts

Robotics and automation
• Industrial robotics ETFs
• Warehouse automation leaders
• Surgical robotics holdings

Productive real estate
• Logistics REITs
• Data center REITs
• Agricultural land listings
• Climate resilient regions only

Short term bonds
• US T bills
• Money market equivalents
• Singapore or Swiss short term yield

Gold and critical minerals
• Physical gold equivalents
• Copper
• Lithium
• Rare earth funds
• Uranium again here if needed

Frontier themes
• Space infrastructure
• Clean water systems
• Longevity biotech funds

Each bucket must contain assets that survive real world stress.

4. WHY THIS DCA SYSTEM WORKS TO 2035

Clear reasons.
No weak logic.

1. You follow energy.
   Money flows to compute, grid, and fuel.
2. You follow utility.
   Only assets that feed, power, house, or compute stay relevant.
3. You follow physics.
   AI needs chips.
   Chips need energy.
   Data needs storage.
   Robots need power.
   Digital money needs rails.
4. You avoid illusions.
   No high multiple story stocks.
   No leveraged real estate.
   No empty tokens.
5. You let time do the work.
   Dollar cost averaging beats timing.
6. You ride the dominant arc.
   The world moves from industrial to digital to compute centric.

5. IF YOU FOLLOW IT

This is what you build by 2035:

• Equity in the engines of global production
• Exposure to the strongest money rails on earth
• A resilient income base
• Ownership of land and minerals with real value
• Positioning inside the leading sectors of AI and robotics
• A balanced sheet that bends but does not break

This is how you surf the next decade without trying to outsmart it.