Cement production as a barometer: global output hit its peak back in 2021, then slipped 9% by 2025. Sounds like a minor dip? Not really. When concrete production stalls, it signals something bigger—the machinery of material-intensive growth is losing momentum. Construction slowdowns, manufacturing contractions, infrastructure cooling. Real economy cooling down harder than most people realize. Resource constraints are tightening. Growth isn't just decelerating; the whole cycle of expansion-driven development is getting questioned. Worth paying attention to if you're thinking about long-term asset cycles and where we're headed.