Insights

Let me start with an admission. The technology now reorganising my industry crossed my radar late. Not in 2017, when the foundational research was published. Not in 2020, when the first genuinely capable model appeared. It was late 2022, ...

The ECB's November 2025 Financial Stability Review proposes new leverage limits on UCITS hedge funds. The analytical framework it uses to justify them conflates fundamentally different types of risk. With the European Commission's UCITS ...

Momentum has not stopped working. What has changed is what happens when it starts to unwind. The strategy’s tail risk is now endogenous to the size of the systematic complex that runs it — and most portfolios are still priced on a ...

Quant equity market-neutral is the strategy everyone is adding to right now. Before you size up, there is one trade-off the track record won't show you. Market-neutral is not a binary property. It is a direction of travel — and one that ...

Under what conditions can human beings reason together toward better decisions? It is a difficult question — and, for anyone who has sat in an investment committee, a familiar one. Jürgen Habermas spent seven decades asking it. He died on ...

The Iran conflict is a macro stress test, not just an energy headline. Brent trading back above $100. Hormuz disruption impeding a critical corridor for global crude. Rate-cut expectations scaled back. The IMF flagging that stocks and ...

Most allocators start with what to own. The harder question comes later: how much to give each sleeve, when to reduce it, and when to add? That is sleeve management. A multi-manager pod shop solves the same problem inside a hedge fund. ...

Markets change. Narratives rotate. Yet certain sentences never die. They show up in bull markets, bear markets, and the weird in-between markets where everyone says "it's a stock picker's market" while buying the same seven mega-caps. To ...

Markets don’t move because “the market thinks.” They move because someone, somewhere has to trade—to rebalance, hedge, meet a mandate, manage risk, or implement a flow. If you’re an allocator, CIO, or PM, that’s not just a neat line. It’s ...