What matters is what those managing serious amounts of capital are actually doing with their money right now. Their actions are starting to diverge from the prevailing narrative in ways that tend to matter later.
What matters is what those managing serious amounts of capital—institutional investors, family offices, sovereign wealth funds—are actually doing with their money right now. Their actions are starting to diverge from the prevailing narrative in ways that tend to matter later. I've seen this before. The smartest capital rarely broadcasts its moves in real time. It doesn't need to. But it does leave footprints, and those footprints become visible if you stop staring at prices and start watching behavior.
As we move through late 2025, those signals point away from the noise and toward a small set of areas that most retail investors ignore, misunderstand, or simply can't access. The gap between what large pools of capital are accumulating and what the average portfolio looks like is wider than it's been in some time. In my experience, gaps like that don't remain open indefinitely.
Most people won't see any of this until they're already bleeding, and by then they won't have the flexibility to do anything about it. This isn't a crash call. I don't know what markets will do next quarter or next year. No one does. But patterns emerge before outcomes, and markets have a way of signaling stress quietly before it becomes obvious.