Quarterly Newsletter – The Advisor

The Advisor – Autumn 2026: Price Matters

Something unusual is happening in the world’s largest and most important capital market.

The yield on the ten-year US Treasury recently exceeded 5%, while thirty-year yields moved higher still. These are not extraordinary levels historically but they are occurring at a challenging moment. Investment in artificial intelligence is accelerating, with enormous amounts of capital being committed to data centres, electricity generation and related infrastructure. At the same time, the US government must finance large budget deficits and refinance a growing stock of debt at considerably higher interest rates.

Read the Autumn 2026 Advisor

The Advisor – Summer 2026: When the Rules Change

For much of the past forty years, investors enjoyed a remarkably favourable environment. Interest rates generally moved lower, global trade expanded, inflation remained subdued, technology improved productivity, and major geopolitical conflicts were relatively contained.

Those conditions shaped more than markets — they shaped investor expectations. Many came to believe that globalisation would continue indefinitely, that central banks could smooth out almost any economic setback, and that technological progress would keep inflation low while lifting corporate profits. That world produced exceptional investment returns.

Read the Summer 2026 Advisor

The Advisor – Spring 2026: Due South

For many years, Latin America has remained largely off the radar of discerning investors – a region often viewed either as something to avoid or to sell short. Yet the continent may now be approaching a rare “spring” moment, in which geopolitics, easing monetary conditions and more pragmatic economic policies combine to create the potential for meaningful upside.

Latin America offers a blend of cyclical resilience, structural growth and diversification benefits that few other regions can match. For investors accustomed to the efficiency and predictability of mature markets, the continent’s volatility often obscures its deeper virtues: economic cycles that are not perfectly synchronised with those of the developed world, favourable demographics in several countries, and rising participation in the global shift toward digital commerce and financial inclusion.

Read the Spring 2026 Advisor

The Advisor – Winter 2025: Wit’s End

Financial markets are being reshaped by two powerful narratives that can be seen either as fascinating structural shifts or as an elaborate attempt to keep investors on their toes.

First, there is the long-running “debasement trade”, which has finally made its way from niche commentary into the financial mainstream. Second, there is the AI investment boom, whose scale, ambition and costs would make even a Victorian railway magnate raise an eyebrow.

Read the Winter 2025 Advisor