Markets, policy, and positioning — distilled once a month into a letter worth reading slowly. Written by the same desk that manages our clients' capital.
Subscribe — It's Free Browse the Report LibraryEvery Research Desk membership unlocks our full library of long-form special reports — 40 to 50 pages each, written and designed in-house. A brief of each, below. Sign in or subscribe to read them in full.
Twelve funds. $5.3 trillion. The GCC's sovereign wealth machines — ADIA, PIF, KIA, QIA, Mubadala and peers — profiled fund by fund: size, mandate, holdings, and the five themes driving deployment on the road to $18 trillion by 2030. The definitive map of the world's most consequential pool of capital.
Members: Read Full Report →How the Gulf turned oil into an economy: growth and market share country by country, the size of the oil dividend, an honest diversification scorecard — and whether Dubai, Riyadh and Doha can genuinely rival London and Hong Kong as financial hubs. The Gulf story, told in numbers.
Members: Read Full Report →Dubai property from the ground up — and from the seabed up: freehold law, district-by-district residential and commercial yields, the engineering marvel of the Palms, and our direct answers to the three questions every investor asks: invest more? The five-year outlook? The right approach?
Members: Read Full Report →How billionaires actually fly: the record post-2020 boom, NetJets and the access economy, and the manufacturers' war — Gulfstream, Bombardier, Dassault, Textron, Embraer — with market shares, flagship comparisons, the true cost of ownership, and the decade outlook for the industry of time itself.
Members: Read Full Report →A record 1,093 vessels on order and every great shipyard booked to 2029. Italy's volume empire versus the North Sea's custom legends, charter economics from €30k to €1m a week, the ten-percent rule dissected on a real ledger, the 180-metre giants — and whether a yacht is ever a rational purchase.
Members: Read Full Report →The year Europe beat Wall Street — and what comes next. Norway's $2.2tn fund and the continent's pension superpowers, Germany's €500bn pivot, the quiet champions of Denmark, the Netherlands and Finland, the Draghi reform agenda, and a full investment prospectus for the European decade.
Members: Read Full Report →One index point now separates New York, London, Hong Kong and Singapore — while a new species scales behind them: the IFSC, from Dubai's DIFC ($700bn AUM) to India's GIFT City and its 20-year tax holiday. How finance's map is being redrawn, and how to invest in — and through — the places where money lives.
Members: Read Full Report →Tax havens without illusion: the zero-tax map from Monaco to Grand Cayman, the legal arithmetic behind billionaire tax rates, trusts and foundations explained properly, the bright line where planning becomes crime, the great laundering scandals — and why, in the transparency era, daylight is winning.
Members: Read Full Report →All eight reports — plus weekly notes and the quarterly outlook — are included with Research Desk membership, from $49/month. Advisory clients receive access with their mandate.
A sample of recent letters. Subscribers receive each edition by email on the first Tuesday of the month.
Money-market yields feel safe — but the reinvestment problem is arriving faster than most savers expect. What we're doing about it.
Ten stocks now drive a third of the index. A sober look at what concentration means for diversified investors — and what it doesn't.
Exemption sunsets are closer than they appear. The families acting now are doing three specific things — none of them complicated.
Yield curves, term premiums, and the signal beneath the noise. A plain-language tour of what fixed income is telling us this spring.