A daily market briefing. A monthly house view. And Understanding the Asset — a monthly study of a single asset class: its economics, its structures, and the incentives that shape it. Written from the buy side.
Every asset class carries its own architecture: how the economics work, how the structures are built, how fees and carry distribute across the chain, and where the incentives of each party sit. Each edition sets that out for a single asset class, alongside how we view it in the current cycle.
We write from the buy side. Everything here is the analysis we run before we commit capital ourselves — the same questions, asked in the same order, with our own money on the other end of the answer.