I've just published the 2025 Annual Review of The Monthly Briefing. I wrote this for one reason: accountability. Good investment commentary should be judged on outcomes, not intentions. So this review looks clearly at how our model portfolio, the Global Tech 15, performed in its first full calendar year and how we approached a market that rewarded judgement more than headlines. The numbers, briefly: In 2025, the Global Tech 15 returned +28.02%, compared with +16.35% for the S&P 500. Since...

Hi, there Some of you have been asking why gold has been rising so sharply recently. It’s a fair question. Gold has continued to push higher while parts of mega-cap tech and crypto have lost momentum. That divergence isn’t just about short-term fear. It reflects a shift in how investors are thinking about reliability, balance, and risk heading into 2026. This note looks at what’s changed beneath the surface, why this gold move feels different from past rallies, and what it may be signalling...

Nvidia is no longer just selling faster chips. What’s changing is where it sits in the AI stack and how much control it’s starting to exert over inference, software, and infrastructure. That shift matters for investors looking beyond the next quarter. In this piece, we focus on what Nvidia’s recent moves signal for 2026, the risks that still matter, and what would change our view over the next 12–24 months. This isn’t about hype or headlines. It’s about durability. You can read the full...