In the latest Confluence Mailbag, Bill O'Grady and Mark Keller revisit their long-held forecast that US hegemony is in decline and consider what a return to a multipolar world order could mean for investors, outlining the shifts and surprises that may shape the evolving geopolitical landscape. The discussion examines the underappreciated economic risks of the Iran conflict, the implications of a 100% debt-to-GDP ratio, and the factors that could challenge their bullish commodity outlook, before closing on a cautionary read of narrowing market breadth as a signal that AI momentum may be nearing its peak.