Research
The Words That Survived: Treasury's Quiet Duration Decision
Treasury kept 'at least' in its forward guidance and bill issuance as the load-bearing tool. Q2 needs lifted to $189bn, Q3 to $671bn. We see a stealth duration
John Grey
John Grey is a founding editor at Solomon Grey Capital, covering private credit, global macro, and institutional investment strategy across Asia and global markets.
Research
Tokyo's Bridge Finance: Why This Yen Intervention Is Not 2024
The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin
Research
Private Credit's Bifurcation: Liquidity Panic, Not a Credit Crisis
Public BDCs are pricing in 10%+ default rates while realized losses sit at 0.7%. The retail wrapper is breaking, the underlying loan book is not. We see a generational entry point for selective BDC equity and a structural opening for institutional capital.
Research
AI Private Credit Risks
John Grey — Technology & AI infrastructure desk EXECUTIVE SUMMARY AI-driven disruption poses material risks to private credit portfolios, particularly those with heavy exposure to software companies, which comprise ~21% of the asset class and up to 40% including broader tech services. While defaults remain historically low, mispriced pre-2024
Private Credit
Asia Private Credit Expansion: The $1 Trillion Shift
Asia Pacific private credit AUM crossed billion in Q1 2026, up 28% YoY. JPMorgan forecasts doubling to trillion by 2028.
Sleep, Exercise, Diet + 10 Years: The SPAN Study's Investment Implications
John Grey — Healthcare & longevity desk University of Sydney's landmark 60,000-participant study confirms what insurers have suspected: behavioral interventions add nearly a decade to healthspan. For asset managers, the implication is clear: healthcare costs are not deterministic. Preventative protocols reduce claims by 15-25% in self-
The NAD+ Economy: Inside the Race to Commercialize Cellular Longevity
John Grey — Healthcare & longevity desk Beta-nicotinamide mononucleotide (β-NMN) is having its moment. Three major trials in 2026 will determine whether this molecule moves from supplement shelf to clinical mainstream. BlackRock's thematic research flags longevity as one of 5 secular trends reshaping healthcare. The addressable market:
Longevity as an Asset Class: The $800B Opportunity
John Grey — Healthcare & longevity desk As global life expectancy gaps narrow and bio-tech advances accelerate, longevity is transforming from a lifestyle trend into a legitimate asset class. VCs are placing billion-dollar bets. ARCH Venture Partners, Andreessen Horowitz and Google's AI fund are circling the NAD+
Global Macro
The Iran War and Markets: Finding the Off-Ramp
Brent hit $141. S&P 500 had its worst quarter since 2022. The Fed is paralysed. Markets are now rallying on Trump's claim the war is almost over. Here is the risk framework — and what investors should do before they act on the optimism.
Research
Asia Pacific IPO Boom 2026: The $334 Billion ECM Story
Asia Pacific raised a record $334 billion in equity capital in 2025 — over a third of global volumes. Hong Kong tripled deal flow. India delivered its best year ever. Here is the institutional case for the 2026 pipeline.
Global Macro
Champagne's Fizz: A Leading Indicator for Financial Markets
Global Champagne shipments have hit a 20-year low — three consecutive years of decline. For institutional investors, the fizz in Champagne is one of the most reliable behavioural indicators of what comes next in markets.
Global Macro
Liberation Day One Year On: The Tariff War, Oil Shock, and Recession Risk Investors Face Right Now
A two-day equity rout, oil at $141, a Beijing summit that resolved nothing, and Moody's recession model at 49%. Here is what happened this week and what it means for portfolios.