Key Capital Private Investment Note
Previous Editions
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Chat-GCP
Modern Portfolio Theory (MPT) is the framework which underpins portfolio construction at basically every major asset manager.
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Retail’s Short Fuse
Before the pandemic, large institutions such as hedge funds and asset managers set the tone for equity flows and market structure. The 2020 meme stock episode broke that pattern, and it never fully reversed.
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When Numbers Leave You Numb
In the second Austin Powers movie, there is a scene where Dr Evil makes a blackmail demand for $100bn, not fully appreciating the implications of the fact...
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A History of Conflicting Views
In the Irish Independent last week, Eric Garcia wrote about the US Federal Reserve cutting rates by 25 basis points and ...
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The Disappearing Dollar Smile
Gold prices are rising in a straight line, bitcoin is rising in a straight line, U.S. Treasury yields are near recent hi...
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Bitcoin on the Balance Sheet
“If crypto conferences are increasingly excited about lines going sideways, as opposed to lines going up, then to my min...
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Google's Search Monopoly Under Fire
‘Focus on the user and all else will follow’ - this was one of Google’s two founding principles (the other one was ‘Don’...
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Towards a New World Order?
In early 2008, a steak frites in the legendary Balthazar restaurant on Spring Street in New York cost $30 at a time when...
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Is an AI Bubble Creating a 2000 Repeat?
On the 29th of January, Key Capital held its Annual Market Outlook event, at which we discussed the possibility that the...
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Good Environmental Investing is Hard
In August, the mining giant Glencore abandoned its plans to sell its coal business after shareholder’s pressured the com...
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A Better Way to Predict?
Prediction markets have become a popular tool for election forecasting, gaining significant attention during the 2024 U....
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Kilkenomics
A slightly different Investment Note this time. The Investment Team were on the road and attended Kilkenomics, the annua...
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Stablecoin Boom / Stabledollar Bust?
Think Apple, Microsoft and Google are revenue machines? Think again. While Apple has pulled in $2.4 million per employee...
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Stuttgart to Shenzhen
During the 2021 equity bull run, the automotive industry was in a blissful state of electric vehicle (“EV”) euphoria. Th...
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Apples to Oranges
The importance of successfully delivering on the energy transition cannot be overstated. However, one of the main challe...
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Vegetable Money
For central banks quantitative easing, negative interest rates, and sending cheques directly to consumers were, at one p...
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Money(ball) Pit
Valuations for sports teams have been soaring and the number of deals in the space is increasing. The annual value of an...
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Apple AI - As Good As it Gets
In the 32 trading days to the 5th June 2024, Nvidia added more than $1 trillion in market capitalisation, with this 6-we...
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Less Than Zero
Markets are forecasting that interest rates will come back down as soon as inflation is tamed. However, we should consid...
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Data Centre Efficiency
Since technology is all about pushing electrons around, it is always worthwhile considering the energy implications of t...
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Are the Robots Coming for Our Jobs
For a long time, the narrative around the world’s population was that it was growing too quickly. There were going to be...
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Fed Meeting Diary Clash
In recent times the buoyancy of public equity markets has been supported by two key factors. Firstly, the emphasis on US...
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The Magnificent Seven Ride
In this issue of the Investment Note, we’re taking a look at the “Magnificent Seven”, the latest moniker for US technolo...
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About the Key Capital Private - Investment Note
We hope the Investment Note provides a useful commentary on different themes in the financial markets that you will find both interesting and relevant. We also aim to provide an insight into how we think about investments. We would be delighted to hear any feedback you might have.
Managing Director, Key Capital Private
Phone: +353 1 638 3850