The surge in oil prices following US-Iran tensions has revived fears of stagflation. Those fears are misplaced. What markets may actually be pricing is a structural regime shift — from paper assets to real ones.

Updated March AA Insights – time to slightly reduce our equity exposure

“Q-Day”, which is the day quantum computers become capable of breaking current cryptographic standards, could make even the most secure digital systems vulnerable. The Bitcoin community has been debating the threat for over a year, while Ethereum’s community appears to be taking its first cautious steps in 2026.

Imagine an economy that keeps growing, companies making record profits, and markets hitting new highs, yet millions of skilled workers struggle to find jobs. AI now handles tasks that humans used to do, faster and cheaper than any employee. Productivity rises, but wages and household income lag. Growth is happening, but people are being left out. How will society adapt when success no longer depends on human work?

March AA Insights

Rising tensions in Iran are sending shockwaves through energy and financial markets. Global oil flows, inflation expectations, and market sentiment are all under pressure. In this climate of uncertainty, careful observation and strategic positioning are key.

Memory chips underpin every layer of the modern technology stack, yet the market that produces them has entered a period of structural constraint with no near-term resolution. The implications for companies dependent on predictable hardware access are becoming increasingly material.

On Friday, the Supreme Court struck down the centerpiece of President Trump’s second-term tariff agenda. But the ruling did not end the tariff push, it simply forced the administration to rely on different legal tools to keep them in place.

The inflation signal economists are not paying enough attention to

The iShares Expanded Tech-Software ETF (IGV), treated as the benchmark for the sector, has slid almost 30% from its September peak, a sharp reversal for what was considered one of the market’s safest growth franchises. Every technological cycle produces its moment of doubt. For software, that moment may be now.