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SMAM Insights brings together our perspectives on global markets, strategic transformation, capital and the forces shaping businesses and investment.
From weekly market observations to strategic analysis and company news, we share the developments, ideas and structural trends that matter to entrepreneurs, investors and decision-makers.
Independent thinking for a complex world.
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A growing body of independent thinking, organised for precise and efficient research.
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Policy, Profits and the Price of Capital
Central banks, Big Tech earnings, US GDP and PCE inflation converge in one pivotal week. As energy risk keeps bond yields elevated,…
Capital & Markets
The New Liquidity Question: When Private Capital Must Prove Its Value
Private capital faces a growing challenge: translating portfolio valuations into realised investment returns. New ILPA guidance and Blackstone's latest results highlight why…
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The AI Premium Meets the Cost of Capital
The AI investment cycle is entering a more demanding phase. With Treasury yields above 5%, inflation reaccelerating and technology valuations correcting, investors…
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Earnings Meet the Hurdle Rate
Equities remain close to record highs. But with US Treasury yields above 5%, persistent inflation and Q3 earnings season beginning, corporate profits…
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The Fed Has More Time — Not More Certainty
Softer US employment data have reduced the urgency for another Federal Reserve hike. Yet oil above USD 100, persistent inflation and sovereign…
Capital & Markets
AI Infrastructure Is Becoming Sovereign Industrial Capacity
The AI race is moving beyond models and semiconductors. Japan’s latest infrastructure initiative shows why power, compute, capital and execution are converging…
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The Bond Market Is Setting the Terms
Equity markets continue to reward growth, even as sovereign yields impose a materially higher cost of capital. This week's inflation and employment…
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Energy Has Rewritten the Rate Path
Energy is reshaping inflation, sovereign yields and portfolio construction as central banks resume tightening and investors confront a structurally higher cost of…
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Higher Oil, Higher Yields, Higher Volatility: A Critical Week for Global Markets
A decisive week for global markets as higher oil prices, rising sovereign yields and diverging central-bank policy reshape risk, valuation and portfolio…
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