This quarter we explore what happens when markets stop feeling effortless. We look at the shift away from the crowded US technology trade, the return of oil (and the Strait of Hormuz) as frontline market considerations, and why inflation, rates and geopolitics are once again demanding respect.
We also examine the case for active judgement in a market dominated by passive flows, the cracks beginning to show in parts of private credit, and the opportunity that can emerge when software and growth businesses are sold indiscriminately. The edition closes with a broader reflection on wealth itself, not just how it is built, but how it is preserved across generations.
The common thread throughout is that investing is not about reacting to every headline. It is about process and building portfolios resilient enough to navigate a world that rarely moves in straight lines.
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