We venerate the Magna Carta and the rights enshrined by the US Constitution, but rarely do we consider what they rest on. When smaller groups of people acted as tribes or villages, the rules were made clear by constant enforcement but also within a framework of expectations on people i.e. responsibilities. As villages have grown into mega-cities and governments influence the lives of people from a great distance, we have become fluent in rights but less fluent in responsibili

Much of the recent focus has been on private credit, but the more consequential developments may be unfolding in private equity. The latest Bain Global Private Equity Report provides a great overview of how the PE system is faring as a whole. (Global Private Equity Report 2026 | Bain & Company). Across podcast conversations on The CIO Chair (The CIO Chair), a recurring theme has been the role of private markets in institutional portfolios. Global pension funds now represent o

“Liberty means responsibility. That is why most men dread it.” - George Bernard Shaw We spend way too much time talking about the state or governments just because they are big and noisy. The types of questions we ask are: what it should provide us in need? What it should invest in? What it should stop or regulate? The state really does matter and has been invested strong powers but the state is not the whole country. I think our relentless focus on the state forgets society.

“If a man knows not to which port he sails, no wind is favorable” – Seneca The deep state “The deep state” or the “The blob” are both colourful descriptions of a deep network of well positioned people with an agenda. This cabal can sway governments no matter what happens at the polling booth. At first this seems like conspiratorial claptrap, the ramblings of those who have spent too much time talking about UFOs or vaccines, but their arguments are appealing. Before dismissi