It is easy to get caught up in market narratives: "AI is going to change everything", "Weight-loss drugs are going to redefine human health", "Defense spending is reshaping global trade" and so on.. All true. But as an investor or builder, broad narratives are useless. The real money and systemic risk aren't in the demand - they are in the frictions. When a market explodes, the obvious winners get priced in instantly. To find the actual edge, you have to look for where the pi