Our thinking on markets, technology, and investing.
Essays on the forces changing finance — the global economy, the markets, and the technology reshaping how money is invested. Each one is dated and left as written.
Beijing turns down the tap — and Hong Kong's financial shares feel it
China is quietly making it harder for its citizens to move money offshore. The hit is real but uneven — it lands on AIA directly, while the exchange is largely shielded, and the sell-off has pushed HKEX into a level we’d set money aside to buy.
Capital MarketsThe Return of Judgement
Why the end of cheap money and a fragmenting world order are reviving the case for active investing—and why technology, at last, can deliver it. The capstone of the dislocation series.
Macro & GeopoliticsThe Golden Airlock: China's Monetary Pivot to Gold-Anchored Settlement
A macro thesis on how China is quietly assembling an external monetary architecture—using the Hong Kong Dollar as a regulated settlement rail and aggressive gold accumulation to route around dollar hegemony.
AI & TechnologyViquo: An Agentic Operating System
Applying the consumer shift from app-aggregation to intent-driven agents to asset management—pairing sovereign AI on the supply side with blockchain settlement on the distribution side to dissolve the distribution tax.
AI & TechnologyA New Financial Fabric: Blockchain as the Infrastructure of Trust
A white paper positioning blockchain as a 'Trust Machine' that embeds custody, compliance and settlement directly into financial infrastructure—and the path from tokenised wrappers to native security tokens.
Private EquityThe Remaking of Private Equity
The model that defined private capital for two decades—cheap debt, financial engineering, locked-up money—is breaking. Why investment itself is being reordered, and what the patient, operator-led archetype replacing the old buyout playbook looks like.
Macro & GeopoliticsThe Great Dislocation — and the Great Narcissist Accelerating It
Trump is the accelerant, not the cause, of the post-1945 order's unravelling. Why the trade war is really a Capital War over global flows—and why the erosion of US rule of law is the ultimate systemic risk.
Macro & GeopoliticsThe Great Dislocation
Global governance is an operating system built after WWII—now being overtaken by decentralised technologies, social media, AI and blockchain. The widening gap between legacy institutions and emergent networks is structural, not cyclical.
Capital MarketsNavigating the Inevitable: Preparing to Leverage the Next Market Downturn
Fifteen years of prosperity and passive dominance have inflated valuations and seeded systemic fragility. The case for rotating toward affordable alpha via overlooked small and mid-size active funds before the cycle turns.
Capital MarketsViquo 100: Seizing Overlooked Value in Active Management
A transparent ranking that surfaces top-quintile small and mid-cap active funds the mainstream databases systematically under-rate—paired with an automated SMA platform delivering affordable alpha to family offices.
Capital MarketsUnlocking the Active vs. Passive Debate
With passive investing now past 50% of US long-term assets, the question is whether price discovery itself is being distorted. A reframing of the debate—and where genuine, affordable alpha still lives.