The Big Cycle Shift: From Asset-Light Dominance to Physical Scarcity, From Growth to Value

After more than a decade of growth dominance fueled by abundant liquidity and disinflation, the balance of evidence suggests a swing of the pendulum, from asset-light to asset-heavy businesses. In this emerging regime, value is not simply participating in the cycle, it is positioned to lead it, and Canada has the natural endowments to lead on the world stage.