The Hurdle Rate
Essays on markets, where capital is going, and whether the story holds up against the numbers.
- Anthropic reached Google's size in a third of the time
- A gilt now pays about what tech earns
- Public high yield is now sturdier than investment grade
- AI demand will keep rising, just not fast enough to pay for the build-out
- Private equity is rebuilding its funds rather than cutting its prices
- AI debt has been repriced, and fund savers carry the risk