Investing desk
New perspectives on themes that are already moving.
Not a model portfolio. A map: why the world is changing, which graphics prove it, and where a patient allocator might look — with the things that break the thesis written in the same ink.
Intelligence infrastructure
AI is an energy, memory and interconnection buildout wearing a software costume.
21 live graphics · The power behind intelligence · The chip supercycle
The electric century
Renewables have overtaken coal. The rest of the work is grids, metals and firm power.
31 live graphics · The century-long reign of coal is ending · The nuclear return
Demographic inversion
Fewer children is the slowest, most reliable force on this site — and the least priced.
18 live graphics · The age of fewer children · India’s decade, China’s middle age
Security premium
Europe and Asia are paying to re-learn how to make weapons. America is still the largest cheque.
19 live graphics · The rearmament decade · The chip supercycle
Scarce materials
The energy transition’s least elastic input is not silicon. It is copper — and the refineries that sit in one country.
14 live graphics · The copper bind · The century-long reign of coal is ending
Fiscal gravity
A $348 trillion ledger is the constraint on every other ambition in this magazine.
13 live graphics · The $348 trillion ledger · Hard money, soft reserves
The compute stack
A $1.5 trillion chip forecast is a bottleneck report dressed as a market size.
13 live graphics · The chip supercycle · The power behind intelligence
Monetary insurance
Official gold is a $4.5 trillion line item. Most of the gain is price. The bid is still there.
9 live graphics · Hard money, soft reserves · The $348 trillion ledger
Market memory
Depth, wait, correlation, and the starting multiple. A crash is a close. 2022 is the year the 40% failed.
16 live graphics · The year stocks and bonds occupied the same quadrant · The 45-degree line is a 60/40 that did no work
The lived world
Displacement, insurance, the shot, the tourist, the ageing body — the world as inhabited, not as a factory.
25 live graphics · One in seventy people is displaced · A quieter catastrophe year is not a safer planet
Distribution tech
The century’s scarce layer is not the model or the module. It is the wire, the cable, the hull, the rocket, the queue.
31 live graphics · 2,500 gigawatts waiting for a wire · Eleven thousand satellites, one operator