For years, markets have rewarded technology, financial assets, and long-duration investments. Now, a new cycle may be taking shape around the physical resources the world depends on. Wasif Latif, Co-Founder, President & CIO of Sarmaya Partners, joins Y’all Street to unpack his “Return to Tangibles” thesis—a shift toward energy, metals, commodities, and infrastructure as increasingly important drivers of the global economy. With nearly 30 years of experience across some of the biggest names in finance, Wasif shares what he learned inside the institutional investment world and why he ultimately left it to build Sarmaya Partners. He and Evan break down the market cycles that shaped the last several decades, what has changed since the financial crisis, and the forces driving today’s shift, from inflation and geopolitical changes to deglobalization and AI. They also explore why AI may be one of the biggest physical infrastructure stories of the next decade, with growing demand for power, natural gas, copper, uranium, and other resources—and how Wasif is positioning around that thesis through Sarmaya Partners’ actively managed LENS ETF. The digital economy may be growing faster than ever. But underneath it all, the world still needs things you can touch, build, power, and own.