For the better part of two decades, smart money largely treated the physical world as an inconvenience. Atoms were slow, capital-intensive, and low margin. Bits were fast, scalable, and - most importantly - someone else could pour the concrete. Many offshored the making of things, financialized the owning of things, and we told ourselves the exciting companies all lived in software. In the end, we had pointed the most sophisticated capital allocation machine in human history at optimizing ad click-through rates and prompts.

A decade later I’m back to share a few thoughts on where I see opportunity in the year ahead. Overall, I think 2022 will be a pivotal year for society and as such, holds a lot of promise.