Jeremy Richardson from the RBC Global Equity team discusses current industry disruption and finding a competitive advantage. Highlights: Rising oil prices benefit Canada and leave the U.S. unchanged, while net energy importers like Japan, UK, and Europe face both GDP contraction and inflation risks. Capital flows reverse unexpectedly, making aggressive geographical allocations risky when conditions change as quickly as the recent North America-to-Europe pivot. AI adoption continues beneath the headlines Focusing on underlying industry disruption rather than headline-driven decisions creates sustainable investment opportunities and preserves long-term returns.