Insights

Japan’s opportunity today isn’t “cheap stocks in a slow economy.” It’s the combination of too much idle capital and a regulatory/exchange agenda that keeps forcing the capital-allocation conversation onto the board agenda. That matters for ...

February marked a clear change in tone versus January’s optimistic start: risk appetite became more selective, volatility rose, and markets increasingly traded a “macro + AI narrative” rather than a simple earnings impulse. For systematic ...

In April 2020, the Federal Reserve injected $1.6 trillion into Treasury markets in a matter of weeks. The proximate cause wasn't a credit crisis or a bank run. It was a leveraged carry trade unwinding faster than the plumbing could handle. ...

A lot of “AI quant” decks in 2026 are marketing decks with extra nouns. The claims sound technical. The evidence is thin. And the slide count goes up every time the Sharpe goes down. The allocator’s job isn’t to decide whether large ...

A family office CIO shared a real-life story with me recently. His principal—a retired tech executive—was furious. The "high-income equity strategy" they'd allocated $3M to in early 2024 had just lagged the S&P 500 by 22 percentage ...

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. ...

If you allocate to liquid alternatives, you already know the awkward truth: the label sells the strategy. Now the label has to pass a math test. The SEC’s amended Names Rule (Rule 35d-1) is forcing funds to line up what’s in the name with ...

“Quant” is not a strategy. It’s a production method. That distinction matters because allocator outcomes diverge based on what kind of quant you own. A trend fund can be operationally simple and still blow up from leverage and execution. A ...

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 ...