September 22, 2026

After a decade of reaching for yield in a zero-rate world, investors no longer have to take outsized risk to generate income. Even if yields rise further from here, current levels in high-quality fixed income are already attractive, both for households and for investors with long-duration liabilities.

September 21, 2026

The credit story in hyperscalers rests on a single consensus assumption, that operating cash flow triples from $600 billion to $2 trillion, see chart below. If this doesn't happen, then the risk is that the AI trade weakens, with credit spreads widening, capex plans getting cut and ultimately US GDP growth slowing.

September 20, 2026

Major copper discoveries, meaning deposits with at least 500,000 tonnes of contained copper, have fallen from double digits annually in the 1990s and 2000s to one or two in recent years, with none in 2025. Because a new deposit takes roughly 18 years to reach production, the chart below describes supply in the 2040s. Meanwhile, the AI data center buildout is adding copper-intensive load on a two- to three-year cycle, pointing to a structurally tighter market and upward pressure on prices.