Read what we actually think.
A weekly letter on markets and geopolitics, a research archive that is open to anyone, and a way to put a question directly to our own recorded sessions.
The Financial and Geopolitical Weekly
Weekly, on Mondays
One issue a week on what moved markets and why, written by members and edited by the research board. Markets and geopolitics in the same place, because they have never really been separate.
3 issues
Research archive
Abstracts open, full PDFs for members
Notes written by members and reviewed by the research board before anything carries the chapter's name.
3 notes
Quant
Macro-Based Asset Allocation in India
Can macro signals tell investors when to shift between Indian equity, bonds, gold, commodities and cash? We test seven regime indicators, from GDP and private credit to the term spread, using only data available at the time, and find that none reliably beats a simple diversified 40/30/15/10/5 portfolio over 2013–2025.
Sector Note
Economics of Asymmetry
This report examines the structural forces driving the paradox of elusive profitability with valuation highs in the industry of European football, from wage inflation and promotion driven risk taking to regulatory fragmentation and private equity participation.
Sector Note
Ozempic Patent Expiry
This report presents a quantitative, cross-sector analysis of how Ozempic's loss of exclusivity is reshaping pricing dynamics, supply chains, and consumer behavior worldwide.
Training sessions
Slides and transcripts
Slides and transcripts from the training sessions we run. Missed one? Everything we covered is here.
1 session
Valuation
Understanding a Business Before the Numbers
Led by Vatsal Jain & Muneer Ahmed Choudhary
This module covers the first stage of equity research: understanding what a company sells, who pays for it, and where its economics come from, using only its own disclosures. Participants learn to read Indian annual reports and US SEC filings, map business models and revenue mechanisms, assess unit economics and competitive moats, and identify the key drivers behind a company's performance. The concepts are applied through eight case studies, including Eternal, IndiGo, HDFC Bank, Costco, Visa, Adobe, ASML and Ferrari. The module closes with a practical research workflow, guidance on responsible use of AI, and a one-page company understanding template.
Insights AI
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A way to ask our own archive a question instead of scrolling it. Every answer will cite the session or note it came from, so you can go and read the original.
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