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.
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Chart of the day — 2026-05-25
30-year yields hit multi-decade highs from Tokyo to London on an oil shock. Brussels cuts growth, Jakarta hikes, and AI's power bill keeps rising. One chart, one take.
May 25, 2026
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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.
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.
Chart of the Day
The Alternatives Machine Is Still Getting Bigger
Private markets are becoming too large to be treated as "alternative" in the old sense.
Visual signals for investors who need to understand the world beneath the headline.
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