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The AI Came Later
Five weeks ago my job changed. The brief was to lead an AI transformation across a listed property group with five business units. Here is the honest report from month one: there was very little AI in it.
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Two Hands on the Yield Curve
Last week the US Treasury started buying its own long bonds to push long yields down.
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The Week They Bought Their Own Bonds
Three dates tell the story of this summer. In late July, Japan stepped in to buy yen, and for the first time in fifteen…
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The 10:30 Train to Kinosaki
The last firework over Toyooka went off around ten at night. Thirty minutes later, on the station platform, I saw the…
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The Number That Traps the Fed
Last Friday, the US economy reported something it was not supposed to do this year. It lost jobs.
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Nobody Films the Building
Hong Kong property advertising in the early 2000s was gilded. Chandeliers, gold leaf, imperial columns, a vocabulary of…
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Digital Gold Failed Its Exam
2026 handed the digital gold thesis exactly the conditions it had been asking for.
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