In the battle for economic supremacy, investors should quickly be realizing it’s increasingly about supply, not demand.
Take vehicle giant Volvo. Tuesday it said demand for trucks is strong. The trouble is its own supply-chain constraints are crimping profitability. In the U.S. shale boom, Permian basin operators are encountering congested pipelines and shortages of materials and workers. U.S. railroad companies BNSF and Union Pacific are offering big signing bonuses as freight volumes rise, the latter in part because truck...