Video Briefing
UAO Daily Video Brief — August 3: The Restoration Bill Is In. The Loss Map Isn’t.
UAO Daily Video Brief — August 3: The Restoration Bill Is In. The Loss Map Isn’t.
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The Universal Owner
Coverage, charts, video and research on The Universal Owner for universal owners.
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Podcast
The Universal Owner — Friday, July 31, 2026: A Headline Yield Is Not a Liability Curve
At 10 years nominal rose 7bp with real unchanged; at 30 years nominal rose 12bp with 6 of them real. One move, two decompositions - and neither prices a sterling pension promise.
Video Briefing
UAO Daily Video Brief — July 31: A Headline Yield Is Not a Liability Curve
At 10 years nominal rose 7bp with real unchanged; at 30 years nominal rose 12bp with 6 of them real. One move, two decompositions - and neither prices a sterling pension promise.
Podcast
The Universal Owner — Thursday, July 30, 2026: Cover, Not the Level
Crude stocks are marginally higher than the September 2018 week everyone is citing - but refineries are drawing 745,000 barrels a day harder, so cover is a full day thinner. Three FOMC voters wanted a hike.
Video Briefing
UAO Daily Video Brief — July 30: Cover, Not the Level
Crude stocks are marginally higher than the September 2018 week everyone is citing - but refineries are drawing 745,000 barrels a day harder, so cover is a full day thinner. Three FOMC voters wanted a hike.
Podcast
The Universal Owner — Wednesday, July 29, 2026: Nobody Publishes That Number
Korea's benchmark fell 10.84% on Tuesday. The BIS published, the same day, that lending to AI firms is 8% of all private credit. The Bank of England will not tell you the level of the leverage connecting the two.
Video Briefing
UAO Daily Video Brief — July 29: Nobody Publishes That Number
Korea's benchmark fell 10.84% on Tuesday. The BIS published, the same day, that lending to AI firms is 8% of all private credit. The Bank of England will not tell you the level of the leverage connecting the two.
Podcast
The Universal Owner — Tuesday, July 28, 2026: The Terms Not Disclosed
Two disclosed components. One of them has no published terms at all.
Video Briefing
UAO Daily Video Brief — July 28: The Terms Not Disclosed
Two disclosed components. One of them has no published terms at all.
Podcast
The Universal Owner — Monday, July 27, 2026: Kuwait's pipeline deal is expected to yield $7.85bn at closing. Nvidia is reportedly discussing $250bn. Who is adding up the guarantors?
Three of the largest capital structures announced in 72 hours were not purchases. They were guarantees, leases and frameworks — while marine insurance walks away from Hormuz.
Video Briefing
UAO Daily Video Brief — July 27: Kuwait's pipeline deal is expected to yield $7.85bn at closing. Nvidia is reportedly discussing $250bn. Who is adding up the guarantors?
Three of the largest capital structures announced in 72 hours were not purchases. They were guarantees, leases and frameworks — while marine insurance walks away from Hormuz.
Podcast
The Universal Owner — Friday, July 24, 2026: The Price of Optionality
Brent clears $100, GIC budgets US$30bn for agility, and the Red Sea becomes a second oil chokepoint.
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