Daily Brief
Warsh inherits 4.2% inflation — and collapsing oil
Warsh's first Fed meeting, oil's round trip, and CalPERS rewrites the rules — plus today's scenario and chart.
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Daily Brief
AI's real bottleneck is power | Jun 14
Data-centre demand doubles to ~945 TWh by 2030. The universal owner sits on every side of it.
A pension gatekeeper just said no to private credit — and the watchdogs agree
The gatekeeper for Sweden's public pension savers has decided private credit will not get near them — and he said so
Daily Brief
Pension funds call SpaceX 'reckless.' The index will make them buy it anyway
SpaceX's governance revolt, the first fund to walk away, and the $20 billion pressure valve in private credit — plus one chart.
Daily Brief
The biggest US pension deletes the rulebook | Jun 10
CalPERS retires asset-allocation targets July 1, rewires staff pay next week, and the private-credit split widens — plus one chart.
Daily Brief
The Universal Owner — June 9, 2026: One Number Reprices Everything
Tuesday, June 9, 2026 — the daily brief for the world's long-duration owners of capital. One labour-market number has
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.
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.
Daily Brief
Thirty billion for five gigawatts of AI compute | Jun 6
A Blackstone- and CPP-backed operator pledges $30bn for India data centres, Gulf funds keep spending — and the real ceiling is power, not money. Plus one chart.
Daily Brief
The watchdog's new worry: several shocks at once | Jun 5
The FSB names two fresh dangers, private-credit defaults hit a record, and the world's largest fund's ethics machine is paused — plus one chart.
Daily Brief
The Gulf kept buying through the war | Jun 4
Sovereign capital flowed to developed markets even as reserve managers trimmed the dollar — and one chart.
Daily Brief
Pensions split on private markets at July 1 | Jun 3
Alaska trims, Washington builds, the FSB warns — and one chart.