Insights
Notes from the office.
Occasional perspectives on the markets, technologies and ideas that shape how we invest.
Insights
July 2026June 2026March 2026December 2025
The year the anchor moved
A 2026 outlook in ten themes across every asset class, built on one idea: as the dollar and Treasury anchor is repriced, scarcity and defensible cash flow inherit the ground it used to hold.
The long horizon as an edge
Why permanent capital, patiently deployed, is the rarest advantage in a market organised around the quarter.
The overlooked ten: where scarcity is real and ownership is thin
Ten non-obvious ideas for 2026, from grid hardware and the nuclear fuel cycle to carbon allowances, catastrophe bonds and overlooked geographies, where scarcity is real and ownership thin.
The year concentration paid and the diversifiers quietly won
A 2025 year-end review across every asset class: a market that rose at the top of the page while its real work happened everywhere else, in ten conclusions.