The Mirage of the Infinite Multiple: How to Invest When Capital Costs Money Again After twenty years in institutional asset management, managing through the Great Financial Crisis, the zero-rate hyper-growth era, and the recent AI infrastructure boom, you learn that market regimes don't announce their arrivals with a horn section. They shift quietly, right when everyone is looking at the previous decade's playbook. If there is one lesson the market has spent the last two years beating into investors, it is this: the era of buying story over structure is over. We have entered a fundamental regime change—one driven by physical supply constraints, capital expenditure scrutiny, and a permanent shift in how markets price terminal value. Here is a breakdown of where market consensus is getting i