The 2014 set covers Asia-Pacific, Europe, Global, North America. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.
- Global Investment Outlook 2014 — When the Marginal Barrel Changed Hands — Oil halved in six months without a recession, a war, or a demand collapse. The price fell because the supply curve had quietly changed shape — and the market that sets the world's most important price stopped being a cartel and became a cost curve.
- US Venture Capital Report 2014 — Paying for the Headline — By 2014 a late-stage round had two prices: the valuation everyone quoted and the structure nobody published. Investors had stopped competing on the first because they had found they could win on the second — and the bill for that arrives only in outcomes that disappoint.
- Asia-Pacific Investment Report 2014 — The Window a Cheap Barrel Opens — A halving oil price handed the region's importers a transfer worth more than most stimulus programmes, and handed their governments something rarer: a moment when a fuel subsidy could be removed without anyone's fuel bill going up.
- China Market Report 2014 — Recognising the Debt You Already Owed — The most consequential Chinese policy of 2014 was not a stimulus or a rate cut. It was an audit — counting the local government debt that the vehicles described in 2009 had accumulated, and deciding to put it on a balance sheet where someone was responsible for it.
- Digital Assets Report 2014 — Custody Is the Whole Problem — The largest exchange failure of 2014 taught the asset class its founding lesson, and it had nothing to do with the technology. A bearer asset held by someone else is a claim on that someone — and if they lose it, there is no mechanism anywhere that gets it back.
- Europe Investment Report 2014 — One Policy Rate, Nineteen Borrowing Costs — A small business in one member state paid several percentage points more than an identical business in another, under the same central bank and the same policy rate. That gap is the measure of a monetary union that had stopped transmitting — and closing it was the year's real project.
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