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.
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Briefings, research, charts and analysis 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.