The Starting Gun: Why Markets Are Entering a New, Volatile Regime

The first trading days of the year felt different. Not in a subtle way, not in a “let’s wait and see” way—but in a starting gun kind of way. As if January 2nd marked the moment when latent forces that had been building for years finally began to accelerate all at once.

Trends that had existed quietly in the background didn’t just continue; they sped up. Market behavior shifted abruptly, and the pace of change increased. This wasn’t simply another extension of last year’s price action. It was the market recognizing that something much larger—and far more structural—was now in motion.

To understand what’s happening, and more importantly where markets are likely headed, we need to zoom out. Far out. Because the forces driving today’s moves are not cyclical in the traditional sense. They are decade-long regime shifts tied to geopolitics, demographics, inequality, and a fundamental transformation in economic policy. Below we review the latest crumbs from Cem Karsan, former Marker Maker and volatility hedge fund manager.

From Hard Assets to Strategic Assets

For years, investors have talked about hard assets: commodities, metals, real assets that tend to perform well during inflationary periods. But what’s emerging now goes beyond the

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