In this quarter’s Insights, we explore how calm markets are concealing growing fragility. From AI’s shift from capital-light narrative to capital-intensive reality, to bond markets quietly reasserting control over the cost of capital, we examine why asset allocation is doing real work again.
We look at the risks created by sameness across portfolios, and why comfort has become an increasingly expensive position. Along the way, we revisit lessons from past cycles – from railroads to Buffett – and ask where consensus may be underestimating change.
As always, our focus is on staying grounded, questioning popular assumptions, and positioning portfolios for durability in a world where capital once again has a cost.
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