Chart of the Day
Chart of the day — 2026-05-23
The binding constraint on AI is electricity, not chips — and a universal owner sits on every side of it. One long read, one chart.
Contributor
UAO Editorial
The Saturday Edit
You already own the AI power bill | May 23
The binding constraint on AI is electricity, not chips — and a universal owner sits on every side of it. One long read, one chart.
Podcast
The Allocator Briefing — Friday, May 22, 2026
Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
Video Briefing
UAO Daily Video Brief — May 22: The Vote and the Default
Private-credit defaults hit a record 6% — and most of it is hiding in payment-in-kind. The Big Three split their stewardship for the 2026 proxy season. And the Fed reshuffles its risk ranking, with private credit jumping from 9th to 4th. The Risk Radar edition. Full brief: https://universalassetowne
Chart of the Day
Chart of the day — 2026-05-22
Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
UAO Research
When the index manager stops being your proxy: does unbundling stewardship strengthen the universal owner's voice — or hollow it out?
UAO Research · May 22, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar For most of the past decade, a
Daily Brief
Private credit's record default — and who votes your shares now | May 22
Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
The Frontier
The Two-Hundred-Year Portfolio
The institutions with liabilities measured in decades — and mandates measured in generations — are the natural underwriters of the off-Earth economy. This is what that means, soberly assessed.
Chart of the Day
Non-Bank Finance Is Now Half the System
For universal owners, systemic risk increasingly sits in funds, asset managers, insurers, pensions and private-market vehicles — not only banks.
Chart of the Day
AI's Electricity Bill Becomes an Asset-Owner Problem
The AI trade is moving from chips and software into power markets, utilities, transmission, cooling, data centres and infrastructure capital.
Chart of the Day
Private Markets' Liquidity Problem Is Not Fundraising. It Is Getting Cash Back.
Private market AUM has scaled faster than the mechanisms for returning capital to LPs.
Chart of the Day
The $70 Trillion Pension Gravity Well
Asset-backed retirement capital has become one of the largest pools of long-horizon money in the world.