Certainty is the new alpha The traditional asset valuation model has two hidden assumptions: 1) Companies maintain competitive advantages long enough to justify multi-year valuation models 2) Rates are stable enough for bonds to anchor a portfolio AI invalidates #1. Fiscal dominance is breaking #2. For #1: Quarterly earnings now describe a competitive landscape that may already be obsolete by the time analysts read it. For #2: When government debt issuance becomes too large to allow rates to normalize, central banks lose independence, yields either get suppressed artificially or spike unpredictably The question isn't stocks vs. bonds. It's: what assets have certainty that doesn't depend on human institutional behavior?(BloFin Research)