There is a comforting illusion that takes hold whenever a great company finally comes to market and the orders come flooding in. When a business is wanted badly enough, we quietly assume the money to buy it will always be there. Demand feels infinite. Capital starts...
By Robert Swift There is a strange quality to the current market conversation. Roughly every second equity story that crosses the desk this year is some variation on artificial intelligence, GPU demand, hyperscaler capex, or the next great compute cycle. Some of this...
There is a particular pleasure in finding businesses the market has decided are finished telling interesting stories. The narrative has moved on. The growth chapter is closed. The conference circuit has lost interest. And somewhere in that silence, the cash flows keep...
By Sid Ruttala There are few things in markets more entertaining than a commodity that has gone from “the future of civilisation” to “uninvestable rubbish” in the space of eighteen months, only to then stage a twitch and invite everyone back to the party. Lithium has...
The real bottleneck in AI may not be semiconductors, but electricity. We look at five listed global infrastructure stocks exposed to the grid, transmission, switchgear, transformers, and power distribution needed to support data centres and digital infrastructure.
A few weeks ago, in The Middle East Build-Up: What Investors Must Think About Now, we argued that investors did not need to predict war, they needed to prepare for its consequences. The core view was simple. If the US and Iran moved toward open conflict, oil would...
By Darren Katz The geopolitical temperature in the Middle East is rising. The United States has increased its military posture in the region, naval assets are repositioning, and rhetoric between Washington and Tehran is intensifying. Whether conflict becomes kinetic...
There are periods in markets when everything feels orderly. Trends extend, volatility is contained, and investors begin to assume that tomorrow will look much like yesterday. Then there are periods of transition. 2026 feels like the latter. Not dramatic or...
There is a persistent habit in markets of extrapolating yesterday’s winners indefinitely into tomorrow. For the better part of two decades, the United States has dominated capital formation, technology listings, consumer brands and financial innovation. It became...
Over the past fortnight global equity markets have experienced a sharp and synchronised pullback. This week has added an important nuance. After the initial aggressive selloff, markets have not collapsed further, instead they have begun to oscillate. Large intra-day...
There are moments in markets when the noise gets so loud that it becomes meaningless. Every data release is framed as decisive, every central bank utterance is dissected like scripture, and every price move is treated as either confirmation or catastrophe. Then there...
There are moments in markets where the noise becomes so loud, it drowns out common sense. Tariffs, geopolitics, inflation, central banks, and a US Congress with a taste for budgetary excess. And yet, despite all the reasons to panic, a certain type of company is...
