Global equities are sitting pretty near all-time peaks as of mid-January, but don't be fooled by the surface-level optimism. Sure, investors are shrugging off a pile of economic and geopolitical headaches—but look closer and you'll spot real anxiety brewing. Precious metals are getting fidgety, oil's showing jitters. It's the classic contradiction: risk appetites high on one hand, defensive positioning creeping in on the other. For those tracking macro cycles and cross-asset flows, this divergence screams louder than any headline.