2022

The 2022 set covers Asia-Pacific, Europe, Global, Middle East & Africa, North America. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.

• Global Investment Outlook 2022 — The Rate Shock — 2022 was the year the cost of money changed and every asset class had to reprice around it. The lasting story is not that markets fell — it is that stocks and bonds fell together, which broke the assumption most institutional portfolios were built on.
• US Venture Capital Report 2022 — The Repricing — US venture capital repriced in 2022, but not evenly and not at once. The correction moved from public markets to late stage to early stage over roughly eighteen months — and the delay itself created most of the year's confusion.
• Asia-Pacific Investment Report 2022 — The Dollar Returns — The 2015 dollar mechanism returned in 2022 with far more force, and the region's response revealed how much had changed in seven years. Most of the change was preparation — and preparation is why a larger shock did less damage.
• UAE & Gulf Investment Report 2022 — Deploying a Surplus — In a year when capital was scarce almost everywhere, the Gulf had a surplus. What was done with it — and the constraint that made deploying it difficult — is the region's defining investment story.
• Private Credit Report 2022 — The Floating Rate Trap — Rising rates were supposed to be good for private credit, and for lenders they were. For borrowers, the same mechanism raised interest costs by more than half within a year — and the lender's yield and the borrower's distress are the same number.
• Europe Investment Report 2022 — The Input Nobody Modelled — Europe's industrial model rested on an input it had stopped treating as a variable. In 2022 energy became the binding constraint on an entire continent's competitiveness, and the assumption underneath a decade of investment analysis was exposed.