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Each month we share the opportunities that the markets present to us.
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Each month we share the opportunities that the markets present to us.
Latest Newsletter
Latest
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…
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19 Aug 2026The 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…→- 15 Aug 2026The Third Stage of the Era of AI: the Rise of the Model Giants part 2, & Summer noise"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…→
18 May 2026Further 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…→
6 May 2026Changes 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…→
5 May 2026Our Thesis on the under-estimation of future growth, Q1 Results so far, new NVDA modelLatest 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…→
29 Apr 2026Special Topic Newsletter on DiscountsSpecial 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…→
10 Apr 2026Newsletter: 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…→
12 Mar 2026Findings from Morgan Stanley TMT 2026 and our predictionsPrometheus 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.…→
10 Feb 2026Newsletter on Portfolio ChangesPrometheus 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…→
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