Insights
Quick reads on markets and policy
Written for practitioners and informed investors—free to read, dated and sourced. You’ll find short market and macro notes that explain moves and policy shifts without the noise; evergreen principles that clarify risk, ranges and behaviour; and concise explainers on the themes we’re asked about most. When doing nothing is the right call, we say so.
Investment Notes · Monthly Letters · Market Commentary · Press & Contributions
Investment Notes: How we think
As Australia’s bank hybrids are phased out, the capital comes back with several plausible destinations. Making their income figures comparable is only the start of deciding what belongs in the portfolio next.
Australia’s superannuation system is on a path beyond A$6 trillion. For its largest funds, the harder question is how to turn an active idea into a position large enough to matter without losing its edge.
The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.
Monthly Letters: What we see
As Australia’s bank hybrids are phased out, the capital comes back with several plausible destinations. Making their income figures comparable is only the start of deciding what belongs in the portfolio next.
Australia’s superannuation system is on a path beyond A$6 trillion. For its largest funds, the harder question is how to turn an active idea into a position large enough to matter without losing its edge.
The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.
Market Commentary: What we’re watching
As Australia’s bank hybrids are phased out, the capital comes back with several plausible destinations. Making their income figures comparable is only the start of deciding what belongs in the portfolio next.
Australia’s superannuation system is on a path beyond A$6 trillion. For its largest funds, the harder question is how to turn an active idea into a position large enough to matter without losing its edge.
The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.
Press & Contributions: Published elsewhere
As Australia’s bank hybrids are phased out, the capital comes back with several plausible destinations. Making their income figures comparable is only the start of deciding what belongs in the portfolio next.
Australia’s superannuation system is on a path beyond A$6 trillion. For its largest funds, the harder question is how to turn an active idea into a position large enough to matter without losing its edge.
The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.