UAO Research
When the shock is on the supply side, what hedges a universal owner's book?
Research & Commercial Insight — Macro & the Long-Term Portfolio. UAO Research, June 8, 2026. The question. Every long-horizon portfolio is
Contributor
UAO Editorial
Daily Brief
A strong jobs print is hiding a stalling market | Jun 8
+172k payrolls beat consensus 2-to-1, but two sectors did the work — plus a transatlantic rate split, $96 oil, and one chart.
Sovereign Wealth Funds
How Do Sovereign Wealth Funds Make Money?
How sovereign wealth funds are funded, where they invest, and how they turn national savings into multi-decade returns.
Chart of the Day
Chart of the day — 2026-06-07
AirTrunk's $30bn India commitment, hyperscaler capex near $725bn, and the grid bill landing on ratepayers — plus one chart.
Podcast
The Universal Owner — Sunday, June 7, 2026
AirTrunk's $30bn India commitment, hyperscaler capex near $725bn, and the grid bill landing on ratepayers — plus one chart.
UAO Research
One position, four desks: the universal owner and the AI-power trade
Research & Commercial Insight — AI and the Long-Term Portfolio. UAO Research, June 7, 2026. The question. The AI-infrastructure buildout is
Daily Brief
A pension fund just agreed to build 5 gigawatts | Jun 7
AirTrunk's $30bn India commitment, hyperscaler capex near $725bn, and the grid bill landing on ratepayers — plus one chart.
The Allocator Class
Introducing The Allocator Class: Nicolai Tangen and the New Visibility of Sovereign Wealth
A new series on the people shaping the world's largest pools of long-term capital — starting with the CEO of the world's largest single fund.
Nicolai Tangen and the New Visibility of Sovereign Wealth
An in-depth biography: the intelligence training, the hedge fund he gave away, the art collection, the 2020 storm he passed with integrity, and how Nicolai Tangen remade the world's largest fund in the open.
The UAO Insider
UAO Insider — Issue 2
People, power and influence across the world’s largest asset owners. The week of 29 May–5 June 2026.
The Probability Desk
The Copper Reckoning — Cinematic
The weekend cinematic from The Probability Desk: can the world wire the future it has promised? Watch the five-minute film, then read the full scenario report.
The Frontier
The Copper Reckoning
Can the world dig, refine, and recycle enough copper to wire the AI build-out and the energy transition — or does the red metal become the binding constraint of the next twenty-five years? A weekend cinematic flagship: full scenario report plus a five-minute film.