Long-Term Geopolitical Themes

The Supreme Court, Senate, Fed, and other institutions have proved resilient so far under the Trump administration. US institutional erosion is overstated.

China holds a structural advantage in this "Age of Electricity" by operating the world's largest electricity system. However, this advantage has inherent limits, and the US remains competitive despite…

Stay overweight gilts despite renewed political turmoil in the UK.

We have long argued, on a case-by-case basis, that countries willing to play the superpowers against each other win in a multipolar world. The logic is intuitive, and in this report, we measure it sys…

In this month’s Beta Report, we assess what that structural tension means for investors under two distinct scenarios. In our base case – a multipolar world order – Australia's position turns out to be…

The US-China trade truce is getting bigger and better, but a grand strategic bargain on Iran and Taiwan is not happening.