News & Insight

Until recently, private credit – a purportedly new asset class – has been one of Wall Street’s fastest growing investment products. Though supposedly a new asset class, we suspect there is less to private credit than meets the eye.

23 March 2026

/by Colin Gellatly

Heron’s Eye View – Iran Update

While there are undoubtedly more fundamental questions to answer in light of President Trump's decision to bombard Iran our job is to consider the implications for financial markets and to ask how investors should best respond.

5 March 2026

/by Colin Gellatly

Heron’s Eye View – Everything, Everywhere, All At Once

Individually, each of this week’s developments poses a threat to investors. However, the common underlying cause suggests to us that it is more likely that the apparently disparate vulnerabilities erupt in everything, everywhere, all at once.

6 February 2026

/by Colin Gellatly

Investment Update – Irrational Exuberance, Pt.II: What Were You Thinking?

Scott McNealy’s 2002 letter to Sun Microsystems shareholders laid bare the absurd assumptions behind dot-com era valuations. Sun’s subsequent 96% share price collapse turned his critique into a lasting warning—one that feels uncomfortably relevant again today.

12 December 2025

/by Ben Jordan

Heron’s Eye View – Global Equity Market Concentration

Equity markets have become increasingly concentrated in recent years. The implication is that investors in a global equity index are no longer well diversified.

30 November 2025