UAO Daily Brief — Friday, 19 June 2026
$700B in AI capex. 49 GW of missing power. Listed infrastructure at 2009 prices.
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The Universal Owner — Thursday, June 18, 2026
The Warsh Fed held rates, erased the last cut, and nine members now dot a hike this year. The world's largest fund just recovered $68bn from its Q1 rout. One chart.
Daily Brief
Warsh drops the playbook · nine dots for a hike · Norway: $68bn saved from Q1
The Warsh Fed held rates, erased the last cut, and nine members now dot a hike this year. The world's largest fund just recovered $68bn from its Q1 rout. One chart.
Daily Brief
The Universal Owner — Thursday, June 18, 2026
The Warsh Fed held rates, erased the last cut, and nine members now dot a hike this year. The world's largest fund just recovered $68bn from its Q1 rout. One chart.
Daily Brief
Warsh's first test: the dots the market doesn't believe
Warsh's first Fed decision lands tomorrow and the bond market is already fading the dots. Oil is back to $80, sovereign money now sets the price, plus today's chart and scenario.
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.
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.
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.
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