Volume I
Structure, Behaviour and Governance
Fourteen papers on why sound investment decisions can still leave capital unable to serve its purpose.
Most capital is managed. Durable capital is governed.
Written for those responsible for governing capital across cycles, not for those optimising portfolios within them.
A series of papers and technical work on capital risk — its structure, where it concentrates, and how systems fail under pressure.
The volumes
Volume II
Coordination, Ownership and Control
Ten papers on the systems, infrastructure and constraints that shape what capital can and cannot do.
Latest papers
All papers
Who Owns the Asset?
One asset, several separated rights: legal title, benefit, control and tax rarely sit together.
Read
The Opportunity Set
Infrastructure decides what is reachable long before any investment is chosen.
ReadTechnical papers
Technical paper
Retirement Cashflow Methodology
A controlled methodology for using cashflow as a decision model rather than a forecast.
Applied research
Research demonstration
HAL - Conversational Retirement Planning
The methodology made conversational. HAL asks and explains; a deterministic engine does the calculation.
