Something subtle but powerful is happening beneath the surface of markets.

Illustration 1 in “The Great Rotation Has Quietly Begun”.

In January 2026, U.S. M2 money supply reached $22.44 trillion, surpassing its 2022 peak and expanding roughly $1 trillion year over year. Liquidity is rising again. Not explosively like 2020 — but steadily.

Illustration 2 in “The Great Rotation Has Quietly Begun”.

At the same time, real assets - commodities, infrastructure, real estate - are trading at their lowest relative valuation versus financial assets in nearly a century.

Let that sink in.

Over the past four decades, financial assets dominated. Stocks and bonds outperformed everything else. Falling rates, globalization, and technology created a structural tailwind for financial engineering over physical scarcity.

But today:

Alina Khay

The Great Rotation Has Quietly Begun

Comments on this post are for paid subscribers