This is The Conviction Play. Our world. The question everyone asks first when they see our map, which is: where is climate?

Every one of these forces acts on the same planet, and the physical state of it, the climate, the heat, the water, the air, the materials, is a condition on all of them rather than an eighth force beside them. That is why it has no spoke of its own. These forces sort capital by where it lands, and the environment is a reason money moves rather than a place it arrives. A spoke named climate would cross every other spoke and locate nothing.

So instead of a spoke, a line through every one of them. Here is how it reaches each.

Power. Heat raises the peaks, decarbonisation raises the volume, and the grid has to carry both at once.

Infrastructure. Storm, flood, heat and drought are the load cases everything now gets rebuilt against.

Supply chains. The physical world decides what is scarce, and where it can still be dug, grown or made.

Automation. Compute is a physical plant. Power draw and cooling water are siting decisions before they are engineering ones.

Defence. Water, food and habitability move people; resources are half of what strategic autonomy means.

Health and wellbeing. Heat, air quality and the range of disease are health inputs, not background conditions.

Experience. Where people can comfortably be, and in which months, is being redrawn season by season.

In three of them the physical fact does most of the work rather than some of it, and the map marks which. It reaches the others too, and every line above says how.

The whole map is on the site, with every theme written out and the companies we have covered under each one. It is free, with no email address and no paywall, at the conviction play dot com.

Each force has an episode of its own, and so does the map as a whole. Everything we have made is collected at the conviction play dot com, under Listen.

A note before we finish. This episode is narrated by a synthetic voice, not by the author. This is a map of where capital is going. It is not a view on any share price, not a valuation, and not a recommendation to buy or sell anything. A force can be real and every company exposed to it still be a poor investment. The Conviction Play publishes general commentary for information only. It is not investment advice and it is not a personal recommendation. Capital is at risk, and the value of investments can fall as well as rise. The map is revised as the evidence changes, and this episode reflects it as it stood on the day it was made.

That was our world, from The Conviction Play. Thank you for listening.