Domestic protectionism is a big thesis - the U.S. and other countries are going to reshore elements of production and rotate away from a globalized economy. This will lead to a less productive world - but what are the broader implications of that? We are seeing some elements of what this could look like with the baby formula crisis. Bloomberg had a really great article titled “The Age of Scarcity” (which details why their forecasters cut global GDP by $1.6T(!)) and talks about how we are running out of everything. And there are a few core drivers around this - {image} Core Drivers: Strained resources and supply ... (full story)