Daily Brief
The long bond repriced everywhere at once | May 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.
Daily intelligence
Daily Intelligence
Briefings on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
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.
Daily Brief
Official sellers, private buyers — who funds the US now | May 21
March TIC data: governments sold US securities, private money bought $162bn. China at a 17-year low. Central banks bought 244 tonnes of gold. One chart, one take.
Daily Brief
Private credit gates close as pensions add | May 20
Blue Owl and Blackstone funds hit redemption limits, defaults at a record — yet CalPERS, APG and Nest keep buying. Plus: CalPERS retires asset allocation. One chart, one take.
Daily Brief
Norway concedes its real-estate book — and a $940bn Gulf opening | May 19
NBIM pivots its $2.1T fund toward AI-adjacent sectors, PIF anchors a Saudi ETF, OTPP halves its dollars — and the FSB names private credit's transparency problem.
Daily Brief
The regulator warns, the allocators add | May 15
The FSB flags private credit; pensions commit $84.8B anyway; Norway stress-tests fragmentation.
Subscribe
The morning briefing for the people who allocate long-horizon capital.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
Five minutes, five days a week. Free.