2017

The 2017 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 2017 — Synchronised Calm — 2017 was the rarest kind of year: growth accelerated nearly everywhere at once and volatility fell to historic lows. The lasting lesson is what that calm did to positioning — because the strategies that performed best were the ones that quietly assumed the calm would continue.
• US Private Equity Report 2017 — The Dry Powder Problem — US private equity entered 2017 with more committed uninvested capital than at any point in its history, and a smaller supply of assets to buy it with. What happened next is a case study in what capital abundance does to a disciplined industry.
• Asia-Pacific Investment Report 2017 — The Mobile-First Divergence — In 2017 it became clear that Asia-Pacific's consumer internet was not a lagging version of the West's. It had skipped a generation of infrastructure and arrived somewhere structurally different — and Western investment frameworks kept misreading it.
• India Venture Capital Report 2017 — The Transplant Problem — India's venture market spent its formative years funded on business models imported from markets with several times the income per head. 2017 is when the arithmetic of that mismatch became unavoidable.
• Digital Assets Report 2017 — Pricing Without an Anchor — The 2017 cryptocurrency cycle is most useful not as a verdict on the technology but as a controlled experiment in how prices form when there is no cash flow to discount and no anchor to deviate from.
• Europe Venture Capital Report 2017 — The Ecosystem Becomes Real — By 2017 European venture had stopped being an aspiration and started being an asset class. What it had not acquired was the thing that turns good companies into large ones — and the absence was structural, not cyclical.