Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Brent steadied near $80 while Hormuz transits sit at a tenth of normal. The gap between the priced reopening and the physical one is this week's signal. One chart.
$700B in AI capex. 49 GW of missing power. Listed infrastructure at 2009 prices.
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.
Warsh's dot plot is expected to erase the last 2026 cut and price a hike tail — and a Maple-8 pension just marked its credit book down to 3.1%.
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.
Warsh's first Fed meeting, oil's round trip, and CalPERS rewrites the rules — plus today's scenario and chart.
Data-centre demand doubles to ~945 TWh by 2030. The universal owner sits on every side of it.
The gatekeeper for Sweden's public pension savers has decided private credit will not get near them — and he said so
SpaceX's governance revolt, the first fund to walk away, and the $20 billion pressure valve in private credit — plus one chart.
CalPERS retires asset-allocation targets July 1, rewires staff pay next week, and the private-credit split widens — plus one chart.
Tuesday, June 9, 2026 — the daily brief for the world's long-duration owners of capital. One labour-market number has
+172k payrolls beat consensus 2-to-1, but two sectors did the work — plus a transatlantic rate split, $96 oil, and one chart.