Summary

• COVID and Iran are different events with the same message - systems built purely for efficiency will break under stress.
• The world is shifting from decades of optimization to a multi-year rebuild of energy, manufacturing, and infrastructure.
• Two powerful forces are converging on the same real assets, and the opportunity is where they meet.
• Markets are rewarding companies at the center of this structural shift, and we believe the trend has significant runway ahead.

The Iran conflict may be nearing resolution, but the lessons it leaves behind are too important to ignore — systemic fragility is pointing to one of the great infrastructure opportunities of our time.

A Reason