Newsletters
Each month we share the risks & opportunities we are watching across markets.
Subscribe to our Newsletters
Each month we share the risks & opportunities we are watching across markets.
Latest Newsletter
Newsletter: Agents, Adoption and Anthropic
The Agentic Evolution Intro The introduction of agents has been ongoing for around half a year. The technology of AI is now proven. It works, and we will prove this to you within this Newsletter. The positive investment returns from Ai for…
Read →
The Third Stage of the Era of AI: the Rise of the Model Giants.
"Ai value will not arrive in one lump to be distributed downwards. It will come workflow by workflow in the hands of people who understand the work.. A payroll team in Oslo, a tax team in Lisbon..." Neil Lawrence, DeepMind Professor of…
Further updates on Q1 2026 results.
The Equity Market looking forward Some further great work from Yardeni Research: As we keep saying, we need a resolution to the re-opening of the Strait of Hormuz. Growth equities tend to underperform when long bond yields rise and that is…
Changes to the Portfolio, and further results
"When the facts change, I change my mind. What do you do, sir?" John Maynard Keynes A material change in our Portfolio The current portfolio is shown below. We have made material changes. NVDA is still our biggest position and we still…
Our Thesis on the under-estimation of future growth, Q1 Results so far, new NVDA model
Latest Newsletter on our Thesis on the under-estimation of future growth. The Era of Ai, where we are and our thesis moving forward Long term followers will know we were one of the first UK funds to position for the Era of Ai. Having…
Special Topic Newsletter on Discounts
Special Newsletter on Discounts The Macro mechanics that drive Discounts, not the myths. In this section, we wish to to take an objective look at the Macro drivers of UK Investment Trust discounts. We will show that they are actually…
Newsletter: Press obsessed Bubbles, NVDA Valuation, NVDA Inference systems, GPU Rental prices, China’s Services surplus
"Difficulties strengthen the mind, as labor does the body." Seneca. "Man's mind, once stretched by a new idea, never regains its original dimensions." Oliver Wendell Holmes. Latest Factsheet Bubbles It has come to our attention that Polar…
Findings from Morgan Stanley TMT 2026 and our predictions
Prometheus is a figure from Greek mythology, he was a Titan who stole fire from the gods and gave it to humans. Zeus was enraged by this act, which he felt would embolden humans to stop fearing the God, so he punished Prometheus.…
Newsletter on Portfolio Changes
Prometheus is a figure from Greek mythology, he was a Titan who stole fire from the gods and gave it to humans, and was punished by Zeus for it. Prometheus syndrome is our era’s version of the myth: where Man punishes fellow Humans for…
Newsletter on Results Round up, the State of Ai, and Factsheet
"Our lives end the day we become silent about things that matter." Martin Luther King. "The world's biggest problem is that not enough people work on the world's biggest problem." Max Marmer. "The significant problems we face cannot be…
To view previous newsletters please click here.
