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19 February 2026
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Dealmaking appears to be on the mend, but investors could be well served to look through near-term trends toward six major themes that we think may drive private markets for years to come.
Trump may be right on two trends: nations are shifting from aspiration to essentials and from global dependence to self-reliance, pushing capital toward security, infrastructure, and energy.
The irony is profound: a system designed to secure Australians’ futures may be systematically dismantling the economic diversity necessary for long-term prosperity.
Dan Rasmussen says the capital pouring into private assets outstrips the opportunity set and the economic substance of most companies being bought and lent to. The true test will come when inflows turn to outflows.
Temporary changes to capital raising regulations during the pandemic gave companies easier access to capital. The changes had a lasting impact on company behaviour though, to the benefit of retail investors.
Much investing is misguided by spurious measurement fixations. What really counts in the long run is authenticity, resonance and imagination rather than sticking to index weights and short-termism.
Equity market vigilanties, particularly resisting poor Initial Public Offerings (IPOs), are showing the benefits of active managers not simply buying everything put in front of them.
If you had to choose between investing in the bright future of a high-tech, disruptive stock or a consistent, old-economy stock, which would you prefer? It comes down to what you expect in return.
Thomas Piketty’s 'Capital in the Twenty-First Century' stunned the publishing world when it reached number one on the Amazon best seller list. What lessons for today can we learn from Dickens, Austen and Balzac?
What are the best ways to build a simple portfolio from scratch? I’ve addressed this issue before but think it’s worth revisiting given markets and the world have since changed, throwing up new challenges and things to consider.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
We don’t have a housing shortage; we have housing misallocation. This explores why so many bedrooms go unused, what’s been tried before, and five things to unlock housing capacity – no new building required.
Nearly all the indicators an investor would look for suggest that this secular bull market is approaching its end. My models forecast that the US is set for 0% annual returns over the next decade.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Stocks bounced hard off April lows, gold hit record highs and even bonds gained – 2025 was a year where it was hard not to make money. This breaks down the year and how to best position portfolios for 2026 and beyond.