Market Structure
How capital flows, policy and liquidity influence markets.
RESEARCH
Research & Insights
Independent editorial perspectives on listed companies, public markets and long-term structural change.
Long-Term Investing
Frameworks for studying durable businesses over full market cycles.
Global Developments
Technology and economic developments shaping future opportunities.
RESEARCH NOTES
Selected Perspectives
Three short research frameworks. These are original introductory notes, not historical client reports.
Global Liquidity and US Treasury Markets
US Treasury yields reflect more than a single policy rate. Expectations for inflation, term premia, fiscal issuance and global demand all affect the curve. We begin with the distinction between short-term funding conditions and longer-term required returns, then consider what that means for capital preservation.
Research focus: duration, liquidity, refinancing risk and scenario analysis.
Dividend Sustainability in Defensive Equities
A high dividend yield is not necessarily a durable income stream. Sustainable distributions depend on cash conversion, maintenance capital expenditure, balance-sheet resilience and the ability to withstand weaker operating conditions. Our framework emphasizes coverage and financial flexibility over headline yield.
Research focus: free cash flow, payout ratios, leverage and reinvestment needs.
Capital Preservation Across Market Cycles
Capital preservation is a portfolio design objective, not a promise of zero loss. Liquidity reserves, asset quality, position sizing and a clear investment horizon can reduce the risk of forced selling. We assess exposures in terms of both expected income and potential drawdowns.
Research focus: downside scenarios, concentration and cash-flow resilience.