A regime change is underway in markets. The two decades of disinflation, globalization, and central-bank dominance that shaped a generation of portfolios are giving way to a more fragmented, inflationary, and fiscally driven world. This note lays out the new playbook across three lenses: the geopolitical backdrop, the shift from monetary to fiscal dominance, andContinueContinue reading “The New Playbook”
Tag Archives: AI
AI and Industrial-led Cycle; Consumers to Remain in Doldrum
Both industrial activity and consumer cycle have, for the majority of the time in recent decades, ebb and flow in the same direction. This is mainly due to the existence of common drivers, such as change in interest rates and fiscal spending, that impact both parts of the economy positively or negatively, although at aContinueContinue reading “AI and Industrial-led Cycle; Consumers to Remain in Doldrum”
AI Eating the (Software) World?
Nearly fifteen years ago, Marc Andreessen – the cofounder of Andreessen Horowitz and Netscape – wrote an op-ed in the Wall Street Journal on Why Software is Eating the World. He highlighted at that time valuation for many technology companies was only at par with the broader stock market despite having much higher profitability andContinueContinue reading “AI Eating the (Software) World?”
Eight Things to Watch in 2026
This year has certainly been full of surprises for investors, with AI remaining the core equity investment theme. DeepSeek translated to a brief correction in the U.S. favorite AI names in February and March, followed by the U.S. tariffs announcement that escalated in April, then the U.S. bombing Iranian nuclear facilities in the summer, andContinueContinue reading “Eight Things to Watch in 2026”
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