Perspectives
Howwethinkaboutthesemarkets
Short, opinionated notes from the investment team on doctrine, geography and credit – written for people deciding where capital should sit next.
Investment doctrine
6 min read
Power, not force: why patient ownership beats financial engineering
Leverage can manufacture a return once. Operating improvement compounds one. In under-covered markets the difference decides the outcome.
Central & Eastern Europe
7 min read
Underwriting the markets a screen cannot price
The information advantage in CEE is not proprietary data. It is being close enough to know which balance sheet is telling the truth.
Credit
5 min read
What happens to good borrowers when banks retreat
Bank withdrawal is not a credit-quality event. It is a mandate event – and it is where non-bank lenders earn their spread.