Thoughts about the markets, automated trading algorithms, artificial intelligence, and lots of other stuff

  • Time To Switch Blog Platforms … The End of Typepad

    I knew this day would come, eventually. 

    Back in 2008, the big decision for anyone starting a blog usually came down to three platforms: Blogger, WordPress, or Typepad. Each had its strengths—Blogger was free and straightforward, WordPress was flexible but required a bit more knowledge and effort to use well, and Typepad promised quick polish and professional tools for a reasonable price. At the time, choosing Typepad felt like betting on the premium option. But here we are 17 years later, and the landscape looks very different. WordPress has not only endured but become the backbone of the modern web, while Blogger has faded into a relic of Google’s forgotten experiments, and Typepad is little more than a time capsule.

    Photo of my Typepad Profile Page; taken the day Typepad shutdown (9/30/25) | Profile Page Created in 2008

    Looking back, it’s a little ironic. The platform I avoided because it was too complex and open-ended is the one that grew, evolved, and ultimately dominated. WordPress didn’t just survive — it became the standard. Meanwhile, almost 3000 posts later, I got a message last week that Typepad is shutting down at the end of the month. In the meantime, they’re clearly struggling to keep the lights on … and attempting to publish posts has become an exercise in futility. 

    So, bear with us as we make the transition to a new blogging platform. If you have any tips or expertise in maintaining SEO & images as we do, please reach out. 

    Now I’m forced to make this decision again — this time with more and better options. 

    Do I follow the crowd to Substack or Medium? Choose a design-first solution like Wix or Squarespace? Try something newer like Ghost? Or go with the safer, proven route: WordPress?

    Substack tempts part of me because many of my friends and favorite bloggers use it. The pragmatic side of me leans toward WordPress. 

    In a real sense, this mirrors the choice Capitalogix (or any business) has in its approach to emerging technologies. I love experimenting with the new, but the real edge comes from recognizing what endures. Timeless wisdom matters more than chasing the next shiny thing, especially if it’s distracting you from your ‘why’. 

    Blogging is a fun project for me. It’s a natural result of the research I do. It’s an outlet, and a way for me to share ideas. It’s not my business, and I’m not trying to be a market-leader in the space. So, playing it safe makes sense. 

    We’ll see how it plays out in another 17 years. 

    Weigh in and let me know what platform you recommend.

    Onwards.

  • Emerging Markets: A 2019 Prediction, Revisited

    For decades, the United States has stood at the forefront of the global economic landscape. Beneath the surface, a power shift is reshaping the future faster than most imagined.

    Volatility and unpredictability, typically seen as risks, are actually catalysts for growth in emerging economies. This tension—between chaos and opportunity — underscores why linear forecasts often fail.

    Revisiting 2019’s Bold Prediction

    Back in 2019, the prospect of India surpassing the U.S. economy seemed far-fetched. Yet, only 6 years later, India’s meteoric rise is undeniable, with India ranking as the world’s fifth-largest economy.

    via visualcapitalist

    Economic scoreboards look nothing like they did in 2019 … some countries have soared, others stalled, and a few have leapfrogged expectations entirely. In 2019, the world watched as trade wars rattled markets and headlines predicted that the US-China rivalry would drive the global order. But beneath the noise, we were already seeing a new world order emerge. In 2019, Standard Chartered projected that by 2030, 7 of the world’s 10 largest economies would be “emerging markets.”

    Fast forward six years. The story is now unfolding in real time.

    Where the Predictions Landed — and Missed

    India stands out—it’s become the world’s fifth-largest economy and shows impressive GDP growth, fueled by a massive digital expansion.

    Meanwhile, Indonesia has continued its steady climb (and is much larger and more formidable than many Americans realize), Brazil has stabilized after a turbulent decade, and Turkey and Egypt have faced more mixed results due to inflation and currency crises—but they remain on growth trajectories that keep them relevant.

    Still, China and the U.S. are the two dominant powerhouses. However, the narrative has shifted: China’s growth is slowing, and India is increasingly seen as the next global growth engine. Meanwhile, Africa’s rapid population growth and urbanization signal its emergence as home to several future megacities. The point … the global balance of power is indeed shifting, just not as evenly as those early forecasts suggested.

    While 2019’s more sensational forecasts (such as Egypt’s predicted 583% growth) were overly optimistic, the core thesis — demographics and maturing economies reshaping global markets — has largely proved accurate.

    Emerging markets are growing rapidly. However, despite progress, many emerging markets face growing pains, especially as global debt levels rise and climate shocks intensify. Regardless, it’s clear that “emerging markets” have already arrived. 

    What’s Next for Emerging Markets?

    Looking forward, it’s worth watching countries that didn’t make those early lists but are now outperforming expectations.

    Vietnam has become a manufacturing powerhouse and a prime beneficiary of supply-chain shifts. Companies wanted a backup to China, so they picked Vietnam. Now, it’s making phones, clothes, and more—helping the country’s economy grow quickly.

    Gulf economies, such as those of Saudi Arabia and the UAE, are leveraging their energy wealth to diversify their strategies. The goal is to move beyond just oil. They’re building new cities, inviting tourists, and investing in clean energy, so their future isn’t just about pumping oil—but about new ideas and significant changes.

    Even smaller economies in Africa, such as Nigeria and Kenya, are experiencing digital and demographic tailwinds that could significantly reshape their trajectories. Young people are leapfrogging old industries and jumping straight into tech. With creative ideas and energy, they’re making apps and online businesses, turning into new world tech hotspots.

    Add in unpredictable forces … geopolitical realignments, AI-driven productivity, climate resilience, and energy transitions … and the map of global economic power could look even more surprising by 2030 than any chart we saw back in 2019.

    The next decade isn’t just about who ascends fastest — it’s about who can adapt and endure. In the age of disruption, resilience may be the new measure of power.

  • Should We Build More Data Centers?

    In cities across America, the familiar outline of office towers and shopping malls is giving way—not to new shops or workplaces, but to silent, humming data centers. This hidden infrastructure boom is quietly reshaping both our skylines and our society.

    The Digital Economy’s Real Estate Shift

    Today, the US spends almost as much building data centers as it does building offices. It’s not just because data centers are a basic part of our infrastructure.

    This shift represents a growing trend that's both obvious and easily ignored. Advances in exponential technologies are causing the virtual workforce to outpace the physical one, fundamentally shifting how and where productivity happens.

    Data center investment is on track to overtake that of office buildings, signaling a fundamental redefinition of economic productivity.

    Data Center vs. Office Center Construction

    via voronoi

    From Desks to Racks: Rethinking Productivity

    As of June 2024, 34 million Americans worked remotely—a figure that highlights how deeply work habits have changed. For extra context, half of those 34 million are entirely remote. Even as hybrid and in-office work gradually recover, office vacancies remain historically high.

    Infographic: How Many U.S. Offices Are Empty? | Statista

    via Statista

    While I still prefer being in an office and connecting with employees and partners, this does raise important questions about the state of productivity, labor, capital, and land.

    As economic output becomes increasingly digital, we must ask: How much work will soon be handled entirely by AI agents, independent of both physical offices and remote workers?  

    For cities, this shift means rethinking energy grids, job distribution, and urban planning priorities.

    Offices once defined our cities and daily rhythms … we built subways, downtown cores, cafés, and restaurants around them. People moved to the city to have better access to opportunities. They even dictated what we wore to work.

    Now, data centers are taking that role. They will impact our energy grids, water usage, land use, and even global relations. Largely invisible in daily life, yet quietly directing our futures. 

    How will our physical landscapes evolve as digital realities become the core drivers of economic life?

     

    Malls As a Portent of Change

    For many, shopping malls were once the heart of community life.  Now, their quiet halls reflect broader economic and social changes. Historically, malls defined social life and commerce. It’s where families did a lot of their shopping, it’s where you went to the movies, or kept in touch with trends, and it’s where we hung out on weekends when we had nowhere else to be. 

    Even my children grew up with malls as a central part of their experience. But today, malls look entirely different. 

    The rise of online shopping hollowed out many of America’s malls. As e-commerce grew, foot traffic declined, leaving behind cavernous buildings that no longer justified their original purpose. Anchor tenants vanished, food courts emptied, and the very concept of the mall as a social and commercial center began to unravel.

    Many malls have closed down, while others have changed their models, and some remain mostly empty, eking out a survival through continued investment.

    Yet, hope remains. Some malls are reinventing themselves as mixed-use complexes, serving the evolving needs of their communities with features such as medical centers, schools, or co-working spaces.

    Looking ahead, malls could be repurposed as community assets, such as affordable housing, cultural venues, green indoor parks, or even data centers. The bones of these buildings remain; it’s the imagination behind their reuse that will determine their second life.

    In time, we’ll have to consider the same consequences for downtowns, office parks, and potentially even city planning.  

    The change is inevitable. With the increasing use of AI comes a greater need for data centers. More data centers also make AI more accessible to teenagers with innovative ideas, small entrepreneurs, and agentic businesses. It’s a snowball effect that we don’t yet truly understand, including its promise and peril. 

     

    The Road Ahead: Adapting to Digital Normalcy

    I find it exciting. Office spaces aren’t going away. The need to gather people and work together as a collective will always be present. It’s the same with the concept of “downtown”. 

    The places once filled with shoppers, workers, and daily commutes are giving way to spaces filled with servers—quietly sustaining the new economy. As technology continues to change where and how we live, our ability to adapt will shape not just skylines, but what’s possible for communities everywhere.

    I’m excited to see what else becomes “normal” in the next 20 years as our lifestyles and needs continue to evolve. 

    It never gets old to say … but we live in interesting times!

  • Is Luck Something You Create?

    This article explores the fine line between luck and skill in business, trading, and life. You’ll learn why success often comes from preparation and adaptability—not just fortunate timing—and discover actionable strategies for identifying and nurturing genuine skill in any competitive arena.

    Picture a trader making millions in a raging bull market. Are they a genius, or just riding a wave of market luck? Now, picture yourself in their shoes. How do you know if tomorrow’s market crash will expose a lack of skill or confirm your edge?

    Distinguishing luck from skill isn’t just a Wall Street problem—it’s the secret sauce behind enduring careers, resilient businesses, and long-term success stories everywhere.

    Introduction: The Illusion of Streaks

    Imagine achieving an unbroken streak of successes—so improbable that it seems almost magical. Was it raw talent, or was the universe simply smiling on you?

    It’s human nature to believe it was your skill.

    Now, imagine someone else achieved that streak. It is comforting to attribute some of that to luck.

    What about a series of coin flips that land on heads twenty-five times in a row? Was that lucky, or have you discovered a new law of probability?

    Easy, that was just luck.

    This highlights a common trap known as confirmation bias: when things go well, we tend to attribute our success to our skill; when they don’t, we blame it on bad luck. Recognizing this bias is essential if we want to improve; otherwise, we risk falling into blind spots that prevent us from learning.

    In 2016, I wrote an article about differentiating between luck and skill in trading. Those concepts seem even more relevant today as I spend more time talking with entrepreneurs and AI enthusiasts.

    The Psychology of Success: Luck, Skill, and the Illusion of Mastery

    Luck comes in many flavors. Most people prefer good luck to bad luck.

    Focusing on the good, there are many lucky individuals in the business world. Perhaps they made a good decision at the right time – and are now on top of the world. Luck isn’t a bad thing — but building your entire strategy around it is a risky bet for lasting success. Why? Because you might get lucky once, but it’s unlikely you’ll get lucky every time.

    As the saying goes, luck favors the prepared mind—especially those capable of discerning where skill ends and luck begins.

    The Coin Flipping Contest: A Case Study in Probability

    20250831 Coin FlipFirst, let’s examine luck a little bit. To do that, think about a nationwide coin-flipping contest. Initially, each citizen is paired up with another for a contest. The winner goes on to the next round. Think how many rounds you would need to win to be City Champion, State Champion, Regional Champion, etc. Ultimately, someone would have won many coin-flip contests to make it to the final rounds of the tournament. Assuming they didn’t cheat, they were lucky. Does the winner have an edge? If so, what could it be?

    Suppose you followed the contest from beginning to end. As you approached the Championship Round, can you imagine the Finalists doing articles or interviews about how their mindfulness practice gives them an edge … or, how the law of attraction was the secret…. or, how the power of prayer makes all the difference.

    Occam’s Razor often applies: the best explanation is usually the simplest—someone had to win, and this time, it was luck, not mastery.

    In any competition, someone will always win, but that doesn’t mean the winner is always the most skilled.

    Luck isn’t just in trading or tech. Think of sports — sometimes, a championship hinges on a referee’s call or an unexpected bounce, not just one team’s superior skill. In music, countless talented musicians remain undiscovered, while some viral videos catapult their creators into overnight stardom. That’s the unpredictable role of luck at work in every field.

    Warren Buffett once remarked: ‘It’s only when the tide goes out that you discover who’s been swimming naked.’ Success in a favorable market can look like skill — but only real skill endures when times get tough.

    Likewise, just because a product or business generates revenue doesn’t necessarily prove it has a competitive edge. Every day, countless new AI-based apps are released. Many make money, some even become popular, but how many of them will still be here 5 years from now? Often, the businesses that are doing the best aren’t actually the ones providing the best service; they’re the ones with the best marketing & the most luck. 

    Lessons from Dot-Coms and Startups

    Remember the dot-com era in the late ’90s? For every Amazon or Google that survived, hundreds like Pets.com and Webvan didn’t. Success often wasn’t about being the best; it was about timing, adaptability—and, sometimes, pure luck.

    Focusing solely on current profitability can mean you might have a genuine edge—or you might have simply experienced a streak of good luck. If it isn’t just a matter of winning, how do we determine if we’re skillful? In trading, we refer to this as “Alpha” — the measure of a strategy’s returns attributable to genuine skill, rather than market trends or lucky breaks. Thus, the search for alpha is the search for clues that help identify systems with an edge (or at least an edge in certain market conditions).

    Unfortunately, I cannot provide you with a single rule to follow in distinguishing between skill and luck. Still, it’s much easier to find the answer if you actively seek to differentiate between the two. Recognizing whether preparation or fortune played the bigger part requires conscious, continuous examination.

    The reality is that most situations aren’t as purely luck-based as a coin-flipping contest. Many people appear lucky because they put themselves in the right situations and did the gritty work behind the scenes to prepare themselves for opportunities. 

    Do You Really Have an Edge? Validation Matters

    That’s where skill (and the ability to filter out bad opportunities) comes in. 

    Internally, we’ve built validation protocols to help filter out systems that got lucky or those that cannot replicate their results on unseen data.

    It is exciting as we solve more of the bits and pieces of this puzzle.

    What we have learned is that one of the secrets to long-term success is (unsurprisingly) adaptability.

    What that looks like for us is a library of systems ready to respond to any market condition — and a focus on improving our ability to select the systems that are “in-phase dynamically”. The secret isn’t predicting the future, but responding faster — and more reliably — to changing environments.

    From a business perspective, this means being willing to adapt to and adopt new technologies without losing sight of a bigger ‘why,’ as we discussed in this article.

    A Practical Example

    When we first wrote about this, one of Capitalogix’s advisors wrote back to confirm their understanding of the coin-flipping analogy.

    The odds of flipping a coin and getting heads 25 times in a row is roughly 1-in-33 million. So if we have 33 million flippers and 100 get 25 heads in a row, statistically that is very improbable.  We can deduce that group of 100 is a combination of some lucky flippers, but also that some have a "flipping edge."  We may not be able to say which is which, but as a group our 100 will still consistently provide an edge in future flip-offs.

    Well, that is correct. If we were developing coin-flipping agents, that would be as far as we could go. However, we are in luck because our trading “problem” has an extra dimension, which makes it possible to filter out some of the “lucky” trading systems.

    Determining Which are the Best Systems.

    There are several ways to determine whether a trading system has a persistent edge. For example, we can examine the market returns during the trading period and compare them with the trading results. This is significant because many systems have either a long or short bias. That means even if a system does not have an edge, it would be more likely to turn a profit when its bias aligns with the market. You can try to correct that bias using math and statistical magic to determine whether the system has a predictive edge. It Is a Lot Simpler Than It Sounds.

    Imagine a system that picks trades based on a roulette spin. Instead of numbers or colors, the wheel is filled with “Go Long” and “Go Short” selections. As long as the choices are balanced, the system is random. But what if the roulette wheel had more opportunities for “long” selections than “short” selections?

    Article content

    This random system would appear to be “in-phase” whenever the market is in an uptrend. But does it have an edge?

    One Way To Calculate Whether You Have An Edge.

    Let’s say that you test a particular trading system on hourly bars of the S&P 500 Index from January 2000 until today.

    1. The first thing you need is the total net profit of the system for all its trades.
    2. The second thing you need to calculate is the percentage of time spent long and short during the test period.
    3. Third, you need to generate a reasonably large population of entirely random entries and exits with the same percentage of long/short times as your back-tested results (this step can be repeated multiple times to create a range of results).
    4. Fourth, use statistical inference to calculate the average profit of these random entry tests for that same test period.
    5. Finally, subtract that amount from the total back-tested net profit from the first step.

    According to the law of large numbers, in the case of the “roulette” system illustrated above, correcting for bias this way, the P&L of random systems would end up close to zero … while systems with real predictive power would be left with significant residual profits after the bias correction. While the math isn’t complicated, the process is still challenging because it requires substantial resources to crunch that many numbers for hundreds of thousands of Bots. Luckily, RAM, CPU cycles, and disk space continue to become cheaper and more powerful.

    If your success can’t be replicated with new data, it may have been luck all along.

    Conclusion: Tipping the Odds In Your Favor

    Anyone can tally a win-loss column; far fewer can tell whether it was smarts, skill, or serendipity that made the difference. This is where rigorous analysis becomes invaluable.

    Obviously, luck and skill affect every aspect of experience (from adopting technology, starting a business, transitioning from a product-based to a platform-based business model, or countless other scenarios).

    In most situations, the secret is to determine what data is relevant to your industry, as well as what data you’re creating. Figure out how to analyze it. Figure out how to do that consistently, autonomously, and efficiently. Then … test.

    It’s not sexy, and it’s not complicated.

    We live in a ready, fire, aim era. The speed of innovation is staggering, and the capital and energy required to create an app or start a business are at an all-time low. A bias for action is powerful.

    Luck and a bias for action will take you further than most – but it still won’t take you far enough.

    If you want to explore this topic further, consider reading “Fooled by Randomness” by Nassim Nicholas Taleb or “Thinking, Fast and Slow” by Daniel Kahneman. Both offer deeper insights into the psychology of luck and skill in markets and life.

    Staying Honest

    To conclude, I’ll leave you with a question…

    If you’re reading this, you’ve almost certainly been lucky and skillful. Take a minute to list at least one thing you attribute to luck — and one to skill — in your career and life. With that in mind, what could you do differently in the future to tip the odds in your favor?

    Try this, too: Next time you celebrate a big win, ask: Did I make my own luck, or did I simply wait for it to strike? In the end, the real edge belongs to those who learn to prepare, adapt — and still stay humble enough to know when fortune lent a hand.

  • A Look At The $127 Trillion Global Stock Market

    The world’s stock markets are more intertwined and unpredictable than ever. As we step into 2025, the landscape is dominated by record highs, emerging uncertainties, and shifting regional dynamics. What forces are redrawing the map—and how should forward-looking investors respond?

    Here is a look at global stock markets. Worldwide, they represented $127 trillion in value in 2024, with U.S. markets accounting for nearly half of that amount. 

     

    20250831 Global-Stock-Market_VC_Terzo_Main

    via visualcapitalist

    Global Market Snapshot

    For comparison, the global market has grown over 14% since 2023, when its value was approximately $111 trillion.

    U.S. Dominance vs. Global Opportunity. While U.S. markets account for nearly half of the global value, it’s striking how far behind China and the EU lag. It is worth examining why … and what may lie ahead.

    Regional Comparisons

    Let’s consider how other major regions are faring.

    China’s stock market growth remains sluggish, held back by cautious consumers and the unpredictability of shifting government policies. The EU’s performance declined slightly in 2024, and faces headwinds from high interest rates and shifting energy dynamics. Meanwhile, emerging markets show wide variation—technology-driven countries outperform, while others lag due to policy or global uncertainty. 

    Here is a slightly deeper look at each.

    China: Stimulus and Uncertainty. China’s government is attempting to stimulate its economy by reducing interest rates, repurchasing stocks, and increasing spending. That sounds positive, but people are still spending less, houses aren’t selling well, and the government often changes rules unexpectedly. Most regular Chinese don’t own stocks. For global investors, China is an intriguing yet risky market — one where outside forces frequently cause sudden shifts.

    Europe: Value Amid Headwinds. Europe’s economy is diverse—its markets are a mix of banks, factories, and some technology. Wages are rising, and governments are spending. Sounds positive, but factors such as higher interest rates and global events continue to hinder progress. As a result, European stocks are generally cheaper than U.S. stocks, almost like a “value menu.” For investors, Europe remains a "safe harbor" steady option that can help balance out a portfolio, but don’t expect fireworks unless a few key factors break in their favor.

    Emerging Markets: Technology’s Outliers. Meanwhile, emerging markets are more complex and susceptible to the influence of changing factors. Some countries, such as Taiwan and South Korea, are thriving thanks to strong technology growth. Others, such as Russia and Brazil, face challenges due to limited investment and instability. These markets are volatile, offering both high risk and potentially high reward..

    Takeaways for Investors

    The global market’s leadership is not set in stone; it is a rolling contest shaped by policy, innovation, and disruption. For investors and strategists, now is the time to reexamine assumptions, rebalance risks, and prepare for whatever comes next. In this era of constant change, adaptability—not allegiance—will be the source of enduring advantage.

    Savvy investors spread their bets, recognizing that overconcentration in any single market can amplify both gains and risks.

    For all the varied fears in Americans’ minds, U.S. dominance is driven not only by the strength of tech giants, but also by resilient consumer sectors and deep capital markets that set global standards. 

    As a result, America’s share of the global market increased approximately 7% over the past year, while China’s share has remained stable, and the EU’s share has declined slightly. 

    The good news for U.S investors is that global market capitalization is rising, and so is our share of it.

    It’s easy to find reasons to be afraid or tentative … but it’s just as easy to find reasons to take confident action.

    Looking ahead, rising interest rates, geopolitical tensions, and new technology breakthroughs could all shift the balance of global market leadership. So could the growth of digital assets. Investors must consider what will happen next if these trends continue (or suddenly reverse).

    Policy shifts in China or the EU could spark sudden capital flows, triggering domino effects that shape the next phase of market evolution.

    Market leadership can change in an instant. In this climate, agility wins. Prepare, diversify, and stay alert—because in the world of investing, standing still is the biggest risk of all.

    History has shown that the most prosperous periods are those that encourage creative destruction and reinvention.

    You can't predict the future, but you can prepare for it.

  • Foreign Direct Investments

    Against a backdrop of economic uncertainty, supply chain upheaval, and rapid technological transformation, foreign direct investment remains a bellwether of global confidence and strategic priorities.

    Looking back to 2024, the patterns of FDI offer a window into what the world’s investors value most—and what new risks and opportunities are on the horizon.

    In a rapidly shifting global landscape, investors are constantly on the hunt for both opportunity and resilience. Which sectors and regions captured the lion’s share of foreign direct investment in 2024—and what fueled these evolving priorities?

    The Global State of FDI in 2024

    Visual Capitalist created an infographic that shows Foreign Investors allocated more than $1 trillion across the top 10 global sectors in 2024, highlighting the scope and realignment of worldwide capital movements.

     

    This infographic visualizes the top 10 sectors for foreign direct investment (FDI) in 2024, based on global data for over 17,000 FDI projects.

    via visualcapitalist

    Sector Standouts: Winners and Surprises

    Now let’s zoom into specific industries.

    Renewable energy topped the list, drawing $270.1 billion in FDI. Even so, renewable energy FDI declined — mainly due to rising material costs, tougher regulations, and delayed projects. Despite these setbacks, long-term prospects in renewables are robust.

    Perhaps the most surprising winner of 2024, the communications sector not only rebounded but grew by an astonishing 84%, far outpacing previous years. This likely reflects accelerated 5G rollouts and infrastructure expansions in both developed and emerging markets.

    Semiconductors followed closely, likely reflecting the growing infrastructure requirements of global reliance on AI.

    Notably, FDI in real estate increased despite a critical labor shortage, sparking questions about how investment is responding to workforce constraints.

    Meanwhile, traditional manufacturing showed minimal growth, as investors appear wary of ongoing supply chain disruptions and increasing automation across the industry.

    Regional Focus: Asia’s Rise & India’s Transformation

    Regionally, the FDI tide was far from even. Asia emerged as the dominant destination for FDI. While India, alone, attracted investment across more than 1,000 distinct projects, driven by robust economic reforms and a burgeoning market.

    What’s Next? 

    FDI patterns are not static reflections but dynamic forecasts of the next big global moves. Consequently, geopolitics and regulatory shifts impact FDI as well.

    As global investment patterns continue to evolve, the next wave of foreign direct investment will likely redefine which strategies (and which regions) lead. Will emerging trends hold, or will new surprises shift the map again next year?”

    Where would you bet global capital will go next?