A decade of arguments, now in public.
Feature essays working a case from the primary documents, each accompanied by a practice note. The public version of our monthly letter, and what came out of our online sessions with industry experts. Plus the work we've published elsewhere.
When Super Outgrows Its Market
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 Rout the Average Stock Missed
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.
Assets With Birthdays
Canberra's argument is about who the Budget's tax changes are fair to. The market question is quieter: what the grandfather clause tells the landlords it exempts to do next.
The Cash Rate's Round Trip, and the Vote Underneath It
Three cuts in 2025, three rises in 2026, and a cash rate back at 4.35 per cent. For portfolios, the level that returned matters less than what failed to return with it.
Half the Oil, the Same Contract Dates
Crude has risen 37% since the strikes on Iran, and the reassurance offered most often is five decades of falling oil intensity. The decline is real, and it measures barrels rather than borrowing terms.
The Refinancing Clock Inside the AI Build
Data-centre debt with legal maturities in the 2050s is being planned around repayment within five years. What happens at that earlier date is decided by the market for replacement capital, not by the building.
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