Who cares about supply chains? Fewer firms and investors are discussing the topic of supply chains after pandemic-era disruptions and the 2023 destocking period have passed. At the same time, under-investment in supply chain resilience raises the risk of future disruptions having an adverse impact on corporate cash flows (see: Companies are doomed to repeat past disruption failings).

The first piece of bad news is that those risks mean portfolio managers must continue to pay close attention to emergent supply chain disruption events, including natural disasters which...