Who allocates capital these days?

Reading Time: 4 minutes The Economist recently put out an epic on the future of asset management. Some of the conclusions were fairly obvious and well-known (albeit still important) but a couple of others struck me as under-appreciated. Who allocates capital? When you strip asset management back to it’s core societal purpose its about allocting investors’ capital to the … More Who allocates capital these days?

The military’s powerful risk management technique

Reading Time: 9 minutes Think Like a Military Commander: The Red Team “One thing a person cannot do, no matter how rigorous his analysis, is draw up a list of thing that would never occur to him” – Thomas Schelling The commander had a serious problem. It was October 2010, a company of Paras had just arrived in southern … More The military’s powerful risk management technique

My Summer Reading 2020

Reading Time: 3 minutes One Way Ticket: Nine Lives on Two Wheels Compelling reading for cycling fans – a refreshingly blunt review of the last two decades of bike racing from an insider’s viewpoint. Rare to see a geneuinely new narrative emerge in such a well-covered area.   amazon.co.uk The Biggest Bluff by Maria Konnikova Poker as a metaphor … More My Summer Reading 2020

Five questions I would love to know the answer to (but don’t)

Reading Time: 2 minutes To follow on from When the Rules Change. Should investors use more leverage? Usually avoided with an allergic aversion, but CALPERs recently put the cat among the pigeons with their strategic decision to use 20% leverage to meet performance targets. Clearly it all depends on the terms of the leverage. But if a foundation or … More Five questions I would love to know the answer to (but don’t)