In contrast, crypto indices are up 157 per cent, the Nasdaq 145 per cent and the S&P 500 117 per cent. Energy and basic materials represent less than six per cent of the S&P 500, less than a third of its long run weight. That is the physical capital paradox. In the 1970s energy allocations surged because fuel ran short, not because energy returns rose. The best returns in the market are transparent, but the market is unlikely to claim them until it is forced to.