The Depopulation TradeDemographic collapse

Fertility rates are collapsing globally — not gradually, not in fifty years, but now and steeply. The downstream effects rewrite the playbook for housing, labor, immigration, infrastructure, automation, and almost every business model that assumes a growing TAM. Unruly invests in the companies that take the demographic reality seriously instead of pricing it as an externality.

A future version of this page will be a piece of data-driven art — scroll-animated charts, 3D scenes, interactive data — built around this thesis. For now, the canonical essay is on the blog.