2020

The 2020 set covers Asia-Pacific, Europe, Global, North America, Southeast Asia. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.

• Global Investment Outlook 2020 — The Pandemic Year — 2020 contained one of the fastest market collapses in modern history and one of the fastest recoveries, within the same calendar year. The lasting lesson is not about the virus — it is about what happens when policy response outruns economic damage.
• US Venture Capital Report 2020 — The Reversal — US venture capital spent the first quarter of 2020 preparing for a collapse that never arrived. By the fourth quarter it was the most favourable founder market in a decade — a reversal driven not by the economy but by the policy response to it.
• Asia-Pacific Investment Report 2020 — Divergent Recoveries — Asia-Pacific experienced 2020 in more different ways than any other region — because the outcome depended on public health response, fiscal capacity and economic composition, and the region varies enormously on all three.
• Singapore Investment Report 2020 — A Base, Not a Market — Singapore's domestic market is too small to explain its role in regional capital flows. Its function is as infrastructure — legal, financial and operational — and 2020 demonstrated what that infrastructure is actually worth.
• Private Credit Report 2020 — The Test That Wasn't — In March 2020 private credit faced the default cycle it had never been through. Six weeks later, policy support had removed it. The asset class emerged with a performance record that proved something — just not what it was widely taken to prove.
• Europe Investment Report 2020 — The Fiscal Taboo Breaks — Europe spent a decade insisting that joint debt issuance was constitutionally impossible. In 2020 it issued jointly. Whatever the amount, the precedent was the event — and precedents are what markets price.