The Archive
Published briefings,
organised by theme.
9 published briefings
June 2026
5 briefings
The Things Technology Cannot Replace
Madrid's extraordinary weekend was about more than religion or tourism. It revealed the enduring value of institutions, community, and meaning in an increasingly digital world.
AI Capex Is Real. The Payback Window Is the Question.
The market is no longer debating whether AI infrastructure exists. It is debating whether the spending cycle is already borrowing revenue from the future.
The Most Crowded Trade in History
At a certain scale, tracking the market stops being neutral — it starts defining it.
New Grammar of AI Finance
AI is no longer behaving like a software cycle. It is becoming an infrastructure race where compute, power and capital access increasingly define the frontier.
The Price Of Concentration
From Softbank to semiconductors, markets continue rewarding scale while quietly increasing dependency on a handful of assets
May 2026
4 briefings
Apparently Demographics Don't Matter Until They Do
Markets can ignore ageing populations for years. Demographics return the favour.
The Parallel Economy
How AI wealth is fracturing the monetary transmission mechanism — and why the Fed may be flying blind on a growing share of the economy
Houston, We Have an Index Problem
Why the SpaceX IPO is not just an IPO story — and how index providers are bending the passive-investing rulebook.
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