What to Own if the Tech Boom Falters | Steven Feldman

The current market environment is defined by excessive leverage and systemic malinvestment, particularly within the AI sector, where capital-intensive projects like Coreweave and Oracle’s data centers face mounting debt service pressures. This fragility, compounded by persistent inflation driven by geopolitical instability and high energy costs, necessitates a strategic shift away from speculative tech momentum. Investors should prioritize scarce, unlevered real assets—such as gold and farmland—which offer protection against fiscal dominance and potential market corrections. Berkshire Hathaway’s leadership transition to Greg Abel underscores this pivot toward infrastructure and tangible assets, positioning the firm to capitalize on future volatility. Ultimately, the "buy the dip" mentality fails to account for fundamental business quality; instead, long-term resilience requires systematic diversification into uncorrelated assets to mitigate the risks inherent in a highly leveraged global economy.