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Monthly Briefing - November 2025
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Good morning. Welcome to the first edition of the Monthly Briefing. Markets don’t assign premium valuations without testing investor conviction first. This month was one of those periods where the market reset positioning after several quarters of strength. We saw the same dynamic during the AI pullback earlier this year and in pockets of the crypto selloff. The underlying drivers didn’t change, only the mood around them. Meanwhile, long-term demand for compute, infrastructure and platform-level scale remains intact. These are not optional products or unproven business models. The largest technology companies continue to compound earnings, build stronger balance sheets, and extend the economic advantages that got them here. To see the full Monthly Briefing including this month’s Stock Pick and the thesis behind our latest investment, download your private PDF below: This content is available to paying subscribers of The Monthly Briefing:
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North Tech Capital
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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...
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