[{"data":1,"prerenderedAt":539},["ShallowReactive",2],{"blog-index":3,"disclosures-modal":501,"shared-newsletter-band":530},[4,73,127,190,226,293,367,429],{"id":5,"title":6,"author":7,"body":8,"date":62,"description":63,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":66,"navigation":67,"noindex":64,"ogImage":59,"path":68,"seo":69,"seoTitle":59,"stem":70,"tags":71,"__hash__":72},"blog\u002Fblog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant.md","What remains scarce when intelligence becomes abundant?","Pietari Laurila",{"type":9,"value":10,"toc":58},"minimark",[11,15,18,21,24,27,37,40,43,46,49,52,55],[12,13,14],"p",{},"Artificial intelligence is becoming both more capable and dramatically cheaper. According to a new Deutsche Bank report, on a like-for-like basis, the cost of AI capabilities has almost halved every quarter over the past three years.",[12,16,17],{},"If this trend continues, it could have profound consequences for the economy. Cognitive work that is expensive today because it requires highly skilled people, such as software development, engineering, scientific research and financial analysis, could become much cheaper.",[12,19,20],{},"This raises an important investment question: what happens to the rest of the economy if intelligence becomes cheap and abundant? What would remain scarce in such a world?",[12,22,23],{},"The Deutsche Bank report highlights several categories: proprietary data, regulatory permission to operate, sticky customer relationships and physical assets such as land and machinery.",[12,25,26],{},"That points to investment opportunities well beyond the technology sector:",[28,29,30,34],"ol",{},[31,32,33],"li",{},"Physical assets may become relatively more valuable. AI can design a power plant, but it cannot instantly build one. It can optimise a transport network, but it cannot create land, transmission lines, airports or roads out of thin air. Permits, electricity, raw materials and construction capacity could therefore become increasingly important bottlenecks.",[31,35,36],{},"Regulatory barriers may also become more valuable. A highly capable AI system cannot automatically acquire a banking licence, obtain approval for a new medicine or receive the right to operate regulated infrastructure. Sectors such as banking, regulated utilities and pharmaceuticals could therefore be relatively insulated from disruption because existing licences, contracts and accumulated infrastructure create barriers to entry.",[12,38,39],{},"There are thus two ways for investors to benefit from AI: 1) investing in intelligence creation itself and 2) owning scarce assets in a world where intelligence is cheap.",[12,41,42],{},"The first approach has dominated markets in recent years. Investors have focused on semiconductors, data centres, cloud providers and power-related infrastructure.",[12,44,45],{},"The second has received much less attention.",[12,47,48],{},"Yet it could favour some very traditional parts of the economy: energy, property, financial institutions, transportation infrastructure and pharmaceutical companies.",[12,50,51],{},"This is quite relevant to the way I am currently positioned.",[12,53,54],{},"My portfolio has little exposure to the companies producing AI itself. Instead, a significant part is invested in financials, infrastructure, property and energy: sectors where value is often tied to licences, physical assets, land, networks or other forms of scarcity that AI cannot easily reproduce.",[12,56,57],{},"These positions were not selected primarily because of an AI thesis. They are the result of fundamental and macroeconomic considerations. But it is interesting that many of them could also benefit from a world in which intelligence becomes abundant while physical assets and regulatory licences remain scarce.",{"title":59,"searchDepth":60,"depth":60,"links":61},"",3,[],"2026-10-19","As AI makes intelligence cheaper, scarce physical assets, regulatory licences and established networks could become more valuable.",false,"md",{},true,"\u002Fblog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant",{"title":6,"description":63},"blog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant",[],"sOPZVykJDZ5AyojRC1Id4OjMguAPGSmBcIG4g7xku3k",{"id":74,"title":75,"author":7,"body":76,"date":119,"description":120,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":121,"navigation":67,"noindex":64,"ogImage":59,"path":122,"seo":123,"seoTitle":59,"stem":124,"tags":125,"__hash__":126},"blog\u002Fblog\u002F2026-10-12-us-midterms-ai-and-bond-yields.md","US midterms: What they mean for AI and bond yields",{"type":9,"value":77,"toc":117},[78,81,84,87,90,93,96,99,102,105,108,111,114],[12,79,80],{},"For much of this year, one theme has dominated markets: AI.",[12,82,83],{},"According to JPMorgan, a basket of just 42 AI-related stocks has generated roughly two-thirds of the S&P 500’s returns since the start of 2024, 58% of its earnings growth and more than 80% of its growth in capital spending.",[12,85,86],{},"This helps explain something that may otherwise look strange. Oil is above $100, US bond yields are above 5%, and 85% of S&P 500 constituents are down at least 10% from their all-time highs. Yet the major US indices remain close to record levels.",[12,88,89],{},"AI has simply overwhelmed everything else.",[12,91,92],{},"One possible catalyst for a change in market leadership is the US midterm election on 3 November.",[12,94,95],{},"Affordability has become an important political issue, and AI itself is increasingly part of that debate. Data centres require enormous amounts of electricity, raising concerns about power prices and grid capacity. Several election campaigns are already focusing on these issues.",[12,97,98],{},"A strong Democratic result could reduce the Trump administration's political ability to push through its broader economic agenda, including support for the rapid AI and data-centre build-out. It could also bring greater regulatory scrutiny of technology companies.",[12,100,101],{},"If the result is divided government instead, with Democrats controlling the House and Republicans retaining the Senate, fiscal policy could become more constrained, potentially easing some of the upward pressure on bond yields.",[12,103,104],{},"None of this means the AI boom will suddenly end. The underlying earnings growth is real, and AI investment could remain one of the most powerful economic trends of this decade.",[12,106,107],{},"But markets have become extraordinarily concentrated around it. When almost everyone is positioned for the same outcome, even a relatively small change in expectations can matter.",[12,109,110],{},"If the midterms weaken Republican control and contribute to lower bond yields, market leadership could start to broaden beyond AI, potentially benefiting smaller companies, REITs, financials and other cyclical sectors.",[12,112,113],{},"Alternatively, if Republicans retain control of both the House and Senate and the AI build-out continues with little political resistance, the current trend could extend well into 2027.",[12,115,116],{},"The midterms could thus determine whether AI remains the only trade that really matters.",{"title":59,"searchDepth":60,"depth":60,"links":118},[],"2026-10-12","How the US midterms could reshape AI investment, influence bond yields and broaden market leadership beyond technology.",{},"\u002Fblog\u002F2026-10-12-us-midterms-ai-and-bond-yields",{"title":75,"description":120},"blog\u002F2026-10-12-us-midterms-ai-and-bond-yields",[],"pmzEUfYp5FEa3V4HBFFl5zIyO_gjphPvIvEmK-kNd2I",{"id":128,"title":129,"author":7,"body":130,"date":182,"description":183,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":184,"navigation":67,"noindex":64,"ogImage":59,"path":185,"seo":186,"seoTitle":129,"stem":187,"tags":188,"__hash__":189},"blog\u002Fblog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing.md","AI, Iran and the Case for Contrarian Investing",{"type":9,"value":131,"toc":180},[132,135,138,141,144,147,150,153,156,159,162,165,168,171,174,177],[12,133,134],{},"Two macro themes have dominated markets this year: AI and the Iran war.",[12,136,137],{},"The AI boom is increasingly dividing the market into winners and losers.",[12,139,140],{},"AI infrastructure companies are expected to account for more than half of S&P 500 earnings growth in Q3, and their share prices have surged this year.",[12,142,143],{},"At the same time, the AI boom has created headwinds elsewhere. Investments in data centres, chips and power infrastructure are increasing demand for capital and keeping interest rates higher for longer.",[12,145,146],{},"That matters for more interest-rate-sensitive parts of the market, for example real estate, where higher bond yields put pressure on both valuations and financing costs.",[12,148,149],{},"The Iran war has created a second divide: that between energy exporters and importers.",[12,151,152],{},"Europe is an example of the latter. It may therefore be no surprise that the euro recently fell to a 17-month low, as high energy prices, rising bond yields and European political concerns supported the dollar.",[12,154,155],{},"So where does that leave investors?",[12,157,158],{},"I don't think the answer is simply to chase what has already worked.",[12,160,161],{},"US equities now carry very high expectations. Vanguard, for example, expects roughly 4–6% annual returns from US equities over the next decade, while some valuation-based models produce even lower estimates.",[12,163,164],{},"Europe, by contrast, remains considerably cheaper. The MSCI Europe index recently traded at around 15 times expected earnings, close to its historical average and at a substantial discount to the US.",[12,166,167],{},"There are also some tentative signs that recent macro trends may be beginning to turn.",[12,169,170],{},"Interest rates may be reaching a point where simply stopping their rise would matter. If energy markets gradually normalise, bond yields could stabilise or move lower.",[12,172,173],{},"Political risk could also become less one-sided. Marine Le Pen today presented a more fiscally conservative programme than markets previously expected, including plans for substantial spending cuts and a declining French budget deficit. French bond yields fell following the announcement.",[12,175,176],{},"The key point for contrarian investors is simple:",[12,178,179],{},"Starting valuations matter. What has performed best recently is not necessarily what will produce the best returns from here.",{"title":59,"searchDepth":60,"depth":60,"links":181},[],"2026-10-06","How AI, energy prices and interest rates are dividing markets—and why starting valuations matter for contrarian investors.",{},"\u002Fblog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing",{"title":129,"description":183},"blog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing",[],"W9V0bNa7_tDClMq77wWOWsh9uUcRWJX0rbxPpY4XHgo",{"id":191,"title":192,"author":7,"body":193,"date":218,"description":219,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":220,"navigation":67,"noindex":64,"ogImage":59,"path":221,"seo":222,"seoTitle":192,"stem":223,"tags":224,"__hash__":225},"blog\u002Fblog\u002F2026-09-28-the-s-p-500-is-near-a-record.-most-stocks-aren-t.md","The S&P 500 is near a record. Most stocks aren't",{"type":9,"value":194,"toc":216},[195,198,201,204,207,210,213],[12,196,197],{},"The cap-weighted S&P 500 is only 1% below its August 13 record close. That resilience comes almost entirely from AI stocks. Over the last month, the equal-weight S&P 500 has fallen 5%. Only 27% of S&P 500 stocks trade above their 50-day moving average.",[12,199,200],{},"The main reason for this divergence is interest rates, which have been increasing lately. The 10-year Treasury yield hit 5.2% today, its highest close since July 2007. A few cash-rich mega-caps can ignore that, but most companies can’t.",[12,202,203],{},"European residential property is a clear example. Vonovia, Germany's largest listed landlord, has fallen to a multi-year low around €17 a share as its operating environment has deteriorated.",[12,205,206],{},"Oil is back above $100, and the ECB has resumed hiking interest rates. The AI boom has been putting additional upward pressure on interest rates. The German 10-year yield, which traded below 3% in early July, has risen above 3.6%.",[12,208,209],{},"Politics has turned against Vonovia too. Earlier this month, the Left Party won Berlin's state election, after campaigning to make the expropriation of large landlords like Vonovia a condition for joining any coalition.",[12,211,212],{},"Markets currently price in roughly 100bp of further ECB hikes by late 2027. How much actually gets delivered will depend on energy prices. If the Iran situation de-escalates and oil falls back, the rate outlook could ease quickly. On the other hand, if yields keep climbing, European property values could fall more.",[12,214,215],{},"The next few months will show which scenario plays out.",{"title":59,"searchDepth":60,"depth":60,"links":217},[],"2026-09-28","Why a record-near S&P 500 masks weak breadth",{},"\u002Fblog\u002F2026-09-28-the-s-p-500-is-near-a-record.-most-stocks-aren-t",{"title":192,"description":219},"blog\u002F2026-09-28-the-s-p-500-is-near-a-record.-most-stocks-aren-t",[],"Dt91vO_YYqccFQ4UVojn-lQkM4MAbNoiZlDF3EpzmGY",{"id":227,"title":228,"author":7,"body":229,"date":285,"description":286,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":287,"navigation":67,"noindex":64,"ogImage":59,"path":288,"seo":289,"seoTitle":228,"stem":290,"tags":291,"__hash__":292},"blog\u002Fblog\u002F2026-09-21-ai-could-first-push-yields-higher-then-lower.md","AI could first push yields higher, then lower",{"type":9,"value":230,"toc":283},[231,234,237,247,250,253,256,259,262,265,268,271,274,277,280],[12,232,233],{},"The US 10-year Treasury yield could increase from its present level of around 5% towards 6% next year because of the AI investment boom.",[12,235,236],{},"But what could happen after that?",[12,238,239,246],{},[240,241,245],"a",{"href":242,"rel":243},"https:\u002F\u002Fwww.allianz-trade.com\u002Fen_global\u002Fnews-insights\u002Feconomic-insights\u002FAI-and-rates.html",[244],"nofollow","A new report by Allianz"," argues that although AI could push interest rates higher at first, it could eventually push them lower.",[12,248,249],{},"If AI makes workers and companies more productive, the economy should be able to grow faster. Faster growth creates more investment opportunities, increasing companies' demand for capital.",[12,251,252],{},"When more businesses want to borrow and invest, the equilibrium interest rate needed to balance saving and investment rises.",[12,254,255],{},"Allianz estimates that this effect could increase the neutral interest rate in the US by as much as 0.7 percentage points over the coming decade.",[12,257,258],{},"But this is not the whole story.",[12,260,261],{},"Higher productivity and economic growth also increase government tax revenues. Government spending, meanwhile, does not necessarily increase at the same pace.",[12,263,264],{},"If AI improves the US government's finances, investors may become more comfortable holding Treasury bonds and demand less additional compensation for fiscal risk.",[12,266,267],{},"Allianz estimates that this fiscal effect could eventually lower the US 10-year Treasury yield by around 0.9 percentage points.",[12,269,270],{},"Overall, Allianz calculates that AI could initially push the US 10-year yield almost 0.9 percentage points higher, with the impact peaking around 2032. But by 2036, the effect reverses: AI could leave the 10-year yield around 0.5 percentage points lower than it otherwise would have been.",[12,272,273],{},"In other words, AI could first push yields higher, and later pull them lower.",[12,275,276],{},"In the next few years, enormous investment in data centres, electricity generation, chips and other infrastructure could contribute to keeping bond yields unusually high.",[12,278,279],{},"But if those investments eventually deliver the productivity gains that justify them, the longer-term consequence could be exactly the opposite: stronger growth, healthier government finances and lower long-term bond yields.",[12,281,282],{},"So a move towards 6% in the US 10-year yield would not necessarily mean that 6% is the new long-term normal. The more successful the AI boom ultimately becomes, the stronger the forces pushing yields back down could eventually be.",{"title":59,"searchDepth":60,"depth":60,"links":284},[],"2026-09-21","How AI investment could lift bond yields before productivity gains and stronger public finances pull them lower.",{},"\u002Fblog\u002F2026-09-21-ai-could-first-push-yields-higher-then-lower",{"title":228,"description":286},"blog\u002F2026-09-21-ai-could-first-push-yields-higher-then-lower",[],"LuLNiSE1tiVCdKAJ3dvbGmmqTB-Z_OY7ua9OfxI6Epw",{"id":294,"title":295,"author":7,"body":296,"date":359,"description":360,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":361,"navigation":67,"noindex":64,"ogImage":59,"path":362,"seo":363,"seoTitle":295,"stem":364,"tags":365,"__hash__":366},"blog\u002Fblog\u002F2026-09-14-5-is-fair-but-not-yet-a-screaming-buy.md","5% is fair but not yet a screaming buy",{"type":9,"value":297,"toc":357},[298,301,304,307,310,313,316,319,321,324,327,330,333,336,339,342,345,348,351,354],[12,299,300],{},"The US 10-year Treasury yield has reached 5%. Is that high, or could yields go higher still?",[12,302,303],{},"We can break a government bond yield into three building blocks:",[12,305,306],{},"inflation + real interest rate + term premium",[12,308,309],{},"First, bond investors need to be compensated for inflation. The Federal Reserve officially targets 2% inflation, but underlying inflation has recently been running closer to 3%. Going forward, an inflation assumption of 2.5–3% appears reasonable.",[12,311,312],{},"The second component is the real short-term interest rate — ‘real’ meaning the interest rate above inflation.",[12,314,315],{},"The real rate is determined by the balance between saving and investment in the economy. It depends on many factors, including economic growth, demographics, private investment demand, global savings and capital flows, and preferences for saving.",[12,317,318],{},"The New York Fed estimates that the neutral real rate should currently be in the 1–1.5% range. Add this to 2.5–3% inflation and we get a neutral short-term interest rate of 4–4.5%.",[12,320,258],{},[12,322,323],{},"10-year bonds are more volatile than short-term bonds, so investors normally demand additional compensation for holding them. This is called the term premium.",[12,325,326],{},"A New York Fed model currently estimates the 10-year Treasury term premium at 0.8%.",[12,328,329],{},"That gives us a simple way of thinking about today's yield:",[12,331,332],{},"2.5–3% inflation + 1–1.5% real rate + 0.8% term premium = roughly 5%.",[12,334,335],{},"This suggests that today's 5% yield is not obviously excessive.",[12,337,338],{},"The biggest uncertainty is probably the fair level of the term premium.",[12,340,341],{},"It was unusually low for much of the past 15 years. Inflation was low and relatively stable, while central banks bought huge quantities of government bonds.",[12,343,344],{},"Today, inflation is less predictable, governments are issuing much more debt, and bonds may no longer provide the same portfolio protection they did in the low-inflation era.",[12,346,347],{},"This argues for a higher term premium.",[12,349,350],{},"If it increased from 0.8% today towards 2%, the 10-year Treasury yield could approach 6%.",[12,352,353],{},"That would, in my view, represent a more attractive level than today's 5%.",[12,355,356],{},"5% looks fair and somewhat interesting, but not yet a screaming buy.",{"title":59,"searchDepth":60,"depth":60,"links":358},[],"2026-09-14","A closer look at the inflation, real-rate and term-premium components behind the 5% US 10-year Treasury yield.",{},"\u002Fblog\u002F2026-09-14-5-is-fair-but-not-yet-a-screaming-buy",{"title":295,"description":360},"blog\u002F2026-09-14-5-is-fair-but-not-yet-a-screaming-buy",[],"7nYcZKfPFdhcu4mwFbK1e7GbbaGiLLBQPn09mRIakCI",{"id":368,"title":369,"author":59,"body":370,"date":422,"description":59,"draft":64,"extension":65,"hero":59,"hidden":64,"image":59,"meta":423,"navigation":67,"noindex":64,"ogImage":59,"path":424,"seo":425,"seoTitle":59,"stem":426,"tags":427,"__hash__":428},"blog\u002Fblog\u002F2026-09-07-why-the-ai-boom-could-keep-interest-rates-high.md","Why the AI Boom Could Keep Interest Rates High",{"type":9,"value":371,"toc":420},[372,375,378,381,384,387,390,393,396,399,402,405,408,411,414,417],[12,373,374],{},"ChatGPT was launched in 2022. It could answer simple questions, an improvement over Google, which could only find information.",[12,376,377],{},"The first reasoning AI, o1-preview, followed in 2024. AIs could now answer not only everyday questions, but also more complicated technical questions requiring deep thought.",[12,379,380],{},"Coding agents were the great innovation of 2025. Instead of writing code yourself, you could tell an AI what you wanted and let it build the software.",[12,382,383],{},"The fourth stage of the AI revolution, computer-use agents, are the breakthrough of 2026. AIs can now use applications and websites on your behalf: shopping through a browser, answering emails, organising files, or creating and editing spreadsheets.",[12,385,386],{},"My own AI usage has exploded this year, and I expect AI to diffuse rapidly into office work over the next couple of years.",[12,388,389],{},"This means much more demand for AI compute, chips, data centres and electricity.",[12,391,392],{},"All of this needs to be paid for. And this comes at a time when governments are already borrowing heavily.",[12,394,395],{},"My view has consequently become more cautious on long-term interest rates. I now expect the German 10-year yield to remain above 3%, while the US 10-year yield could potentially reach 6% next year.",[12,397,398],{},"This has led to some changes in the portfolio.",[12,400,401],{},"I have reduced exposure to property and telecommunications. The valuations of these stocks are particularly sensitive to long-term interest rates.",[12,403,404],{},"At the same time, exposure to Energy has been increased. Oil prices have risen sharply this year and oil companies are posting record profits.",[12,406,407],{},"I see a meaningful risk, however, that increasing supply eventually pushes oil prices lower in 2027. The Energy view has therefore been expressed through oil services companies. They benefit from higher oil and gas investment, but have less direct exposure to the oil price than producers.",[12,409,410],{},"Although my view is that interest rates will increase next year, high government deficits and rising bond yields are now discussed almost everywhere. That makes me cautious. What you read in the media is often a contrarian signal: by the time a theme is widely covered by mainstream journalists, professional investors have typically already positioned for it and may be looking to exit.",[12,412,413],{},"I therefore haven't sold all of the portfolio's property exposure. Interest rates will probably remain structurally higher, but I would not be surprised to see bond yields fall temporarily during the final quarter of this year.",[12,415,416],{},"One of the lessons from this year is that you don't need to own AI companies to be exposed to AI. Many companies — software and professional services firms among them — will be affected by AI directly. Even companies owning physical assets can be substantially exposed through AI's effect on interest rates.",[12,418,419],{},"The portfolio has to be resilient to any AI scenario, and the recent changes are intended to reflect that.",{"title":59,"searchDepth":60,"depth":60,"links":421},[],"2026-09-07",{},"\u002Fblog\u002F2026-09-07-why-the-ai-boom-could-keep-interest-rates-high",{"title":369,"description":59},"blog\u002F2026-09-07-why-the-ai-boom-could-keep-interest-rates-high",[],"DMovHyMlJVx1df7uKb6jcEfpWcw_QxQE1iXUoUvi1SM",{"id":430,"title":431,"author":59,"body":432,"date":493,"description":59,"draft":64,"extension":65,"hero":59,"hidden":64,"image":494,"meta":495,"navigation":67,"noindex":64,"ogImage":59,"path":496,"seo":497,"seoTitle":59,"stem":498,"tags":499,"__hash__":500},"blog\u002Fblog\u002F2026-09-01-where-will-investment-edge-be-found-in-the-age-of-ai.md","Where Will Investment Edge Be Found in the Age of AI?",{"type":9,"value":433,"toc":491},[434,437,440,443,446,449,452,455,458,461,464,467,470,473,476,479,482,485,488],[12,435,436],{},"AI is rapidly changing how investing is done.",[12,438,439],{},"Investing involves finding information, analysing what it means, making a judgement and ultimately acting on it.",[12,441,442],{},"Until now, AI has mostly helped with the first two. The investment decision itself has generally remained with the investor.",[12,444,445],{},"Questions such as how much of a company’s earnings are exposed to one country, how sensitive a business is to interest rates, or what new technologies could disrupt a particular industry previously required searching through multiple reports and filings.",[12,447,448],{},"AI can often get much of the way to an answer in seconds.",[12,450,451],{},"But more information and more sophisticated analysis do not automatically lead to better judgement.",[12,453,454],{},"One recent study found that AI significantly increased both the breadth and depth of stock analysts’ research: they used 40% more information sources, covered 34% more topics and employed 25% more advanced analytical methods.",[12,456,457],{},"Yet their forecast errors increased by 59%.",[12,459,460],{},"In other words, better research did not necessarily lead to better investment conclusions.",[12,462,463],{},"A similar picture emerges from recent research that asked AI models to pick stocks. After adjusting for risk, the models did not generate statistically significant abnormal returns.",[12,465,466],{},"This suggests that, at least for now, AI is commoditising analysis faster than judgement.",[12,468,469],{},"But there is no reason to assume AI will remain weak at judgement forever.",[12,471,472],{},"AI may eventually become better at asking the right questions, weighing evidence, and learning from past mistakes than humans are. If that happens, judgement itself may become less differentiated too.",[12,474,475],{},"But investing has never been only an analytical problem. It is also a psychological one.",[12,477,478],{},"Knowing that an unpopular investment is attractive is different from being willing to own it while everyone else disagrees.",[12,480,481],{},"If AI makes information, analysis and eventually even judgement increasingly commoditised, the durable edge may lie less in knowing more than everyone else, and more in being willing to act differently.",[12,483,484],{},"This is one reason why I believe in investing in the unpopular. Markets will become better at processing information as AI improves, but I don't think human behaviour will change nearly as quickly.",[12,486,487],{},"There will still be investments people don't want to own, narratives that become too pessimistic, and periods when following the crowd feels much more comfortable than going against it.",[12,489,490],{},"Being willing to invest in those situations will remain a source of opportunity, even in a world where everyone has access to powerful AI.",{"title":59,"searchDepth":60,"depth":60,"links":492},[],"2026-09-01","\u002Fuploads\u002Fwhatsapp-image-2026-09-01-at-12.56.38.jpeg",{},"\u002Fblog\u002F2026-09-01-where-will-investment-edge-be-found-in-the-age-of-ai",{"title":431,"description":59},"blog\u002F2026-09-01-where-will-investment-edge-be-found-in-the-age-of-ai",[],"OBMH4AwB2EG4U8JrB3IzVgZiesEeuThCOhusrt_iCfg",{"id":502,"title":503,"about":504,"body":505,"contact":504,"description":524,"extension":65,"hero":504,"hidden":64,"insights":504,"layout":504,"media":504,"meta":525,"navigation":67,"newsletterPrimary":504,"newsletterSecondary":504,"noindex":64,"ogImage":504,"path":526,"pressLounge":504,"seo":527,"seoTitle":504,"stem":528,"team":504,"timeline":504,"weeklyNews":504,"__hash__":529},"pages\u002Fdisclosures.md","Disclosures",null,{"type":9,"value":506,"toc":522},[507,510,513,516,519],[12,508,509],{},"Triangula Capital is not a registered investment advisor and does not offer investment advisory, fund management or wealth management services.",[12,511,512],{},"The content on the website is provided for informational and educational purposes only and does not constitute (i) an offer or solicitation to buy, hold or sell any security or other financial instrument, (ii) investment, legal, tax, accounting, or other professional advice, or (iii) a personal recommendation as defined under MiFID II.",[12,514,515],{},"Information on the website is obtained from sources believed to be reliable, but is supplied on an “as-is” basis without warranty as to accuracy or completeness. Opinions, estimates, and forward-looking statements reflect the author’s judgement as of the date of publication and are subject to change without notice.",[12,517,518],{},"Triangula Capital and affiliates may hold positions in the securities mentioned on the website and may trade them without further disclosure. No liability is accepted for any direct, indirect, or consequential loss arising from the use of this material. Readers should conduct their own independent research and consult qualified advisers before making any investment decision.",[12,520,521],{},"Past performance is not indicative of future results. All investments carry risk, including the risk of total loss.",{"title":59,"searchDepth":60,"depth":60,"links":523},[],"Important disclosures for Triangula Capital.",{},"\u002Fdisclosures",{"title":503,"description":524},"disclosures","ouLbJlrT4ndgvvXjoNqj-5a01kagnpcvHpAwogv22ow",{"newsletterSecondary":531},{"heading":532,"body":533,"nameLabel":534,"emailLabel":535,"consent":536,"submitLabel":537,"backdrop":538},"Follow Pietari's investment thinking","Receive Pietari’s latest market commentary and investment insights by email.","Name","Email","I agree to receive the Triangula Capital newsletter by email. I can unsubscribe at any time.","SUBSCRIBE","\u002Fimages\u002Fnewsletter-backdrop.webp",1792509344222]