UAO Research
Why Lloyd’s syndicates may matter after an Iran truce
Full UAO research: how insurance could delay the return of Hormuz trade after a truce.
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Capital Commitments Are Abundant. Conversion Capacity Is Not.
A blockade, a chip cluster and a sovereign-fund redesign reprice the same thing: the machinery that turns capital into cash flow.
Is AI Eating Its Own Budget?
IBM says clients shifted capex to scarce hardware as large deals slipped; BIS flags ~$115bn of BDC software loans. Plus Hormuz, Korea, the scenario, and the back page.