What to Own if the Tech Boom Falters | Steven Feldman

Market momentum in the AI sector masks underlying risks, including excessive leverage and cooling demand for capital-intensive projects. Recent cracks in data center financing and bond markets serve as warnings that the "buy the dip" strategy is increasingly obsolete. Investors should instead prioritize diversification into scarce, unlevered real assets like farmland and gold, which provide essential protection against geopolitical instability and fiscal dominance. While inflation remains a persistent threat driven by energy costs and government spending, potential moderation exists as consumer fatigue sets in and manufacturing surpluses emerge. Berkshire Hathaway’s leadership transition toward infrastructure-focused management underscores a broader shift toward defensive positioning, as the economy faces a potential reckoning with its $40 trillion debt burden. Success now requires a discerning, research-driven approach rather than reliance on historical market-wide growth.