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.
Topic
Universal Ownership
Coverage, charts, video and research on Universal Ownership for universal owners.
Latest in Universal Ownership
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.
UAO Research
If You Own the Whole Market, What Exactly Is Your Job?
When you own a slice of the entire economy, beating the market is the wrong objective. The thesis that defines this audience.
Subscribe
The morning briefing for the people who allocate long-horizon capital.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
Five minutes, five days a week. Free.