The desk
Research
Six current pieces across equity strategy, digital assets and risk management. Every premium piece carries the position reasoning and the level at which the thesis breaks.
The AI capex cycle is now a second-derivative trade
Growth is still growth. But in semis, the market has stopped paying for the level of spending and started paying for the rate of change. That distinction decides the next twelve months.
Daniel Okafor · Head of Equity Strategy · Nov 6, 2026 · 9 min read
Bitcoin is trading the liquidity regime, not the halving
Spot flows changed the buyer base. They did not change the fact that this asset is a high-beta claim on global liquidity — and liquidity is turning.
Mara Lindqvist · Nov 4, 2026
Meme coins are an attention market with a liquidity problem
There is no cash flow to analyse, so the only honest framework is flow, float and the half-life of a narrative. Here is how we score them without pretending they are investments.
Daniel Okafor · Nov 1, 2026
Software is cheaper than it has been in a decade — but not uniformly
Seat-based models face an AI pricing reset. Usage-based and infrastructure-adjacent names are absorbing it better. The screen, the numbers and the trap.
Priya Raghunathan · Oct 28, 2026
The playbook for a narrow market
When five names carry the index, the index is a misleading signal. Here is how to read breadth, and what to do when it diverges from price.
Mara Lindqvist · Oct 24, 2026
Position sizing is the only free lunch in a volatile tape
Most investors spend their time on selection and almost none on sizing. At current volatility, sizing explains more of your outcome than stock picking does.
Priya Raghunathan · Oct 19, 2026