Investment Outlook
Archive.
A record of the firm's quarterly Investment Outlook. Each Letter sets out our reading of the cycle, the structural questions shaping capital decisions and how we are positioning portfolios in response.
Markets in Transition: Discipline in a Shifting Regime.
April 2026
Patience as an Asset: Anchored by Discipline, Preserving Optionality.
January 2026
Guarded Optimism: Late-Cycle Confidence vs Complacency.
October 2025
The Illusion of Stability — what could go wrong & what might go right.
July 2025
Changing Tides: The Disintegration of Global Trade and Market Confidence.
April 2025
Elections Over, US Economy Roaring: Opportunities ahead — but keep seatbelts fastened.
January 2025
Cutting Through the Noise: Macro and Earnings Over Election Headlines.
October 2024
Where do I land?
July 2024