The “old economy comeback” narrative might not be crazy

Every few years the market cycles between high-growth tech narratives and traditional asset-backed businesses.

Given the recent discussions around rate cuts and valuation compression in some tech sectors, I wonder if we’re heading into another period where older business models regain favor.

Property assets, mortgages, and infrastructure often look dull… until macro conditions suddenly make them attractive again.

What sectors do you think could benefit most from that shift?