Market Meditation
Macro research and investment strategy
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The Most Patient Capital in the World
A sovereign wealth fund is structurally the closest thing on earth to Berkshire Hathaway — permanent capital, no redemptions, a generational horizon. So why does almost none of that capital behave that way?
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It’s Quantitative. It’s Easing. Call It What You Want.
2:35pm, February 5, 2026. Fifty-four views. “Financialisation of the economy (impact on the economy of the wealth effect created by inflating asset prices), kicking the can down the road (no political appetite to curtail fiscal largesse) and killing price discovery (repression via QE) are the main culprits and until they’re addressed meaningfully this vicious downward…