Hardening the Macro Economy: Introducing the Strategic Resilience Portfolio
The climate has already changed. Regardless of future policy outcomes, the infrastructure required to support modern civilization in a warmer world will [...]
Governance Was Always Everything. Now Everyone Can See It.
Garvin Jabusch and Erika Karp, June 2026
Governance has never been a buzzword. Those who have spent careers in capital markets understanding how ownership [...]
Two Decimal Places of Fiction: Why SETI is More Rigorous Than Your WACC
In 1961, at the Green Bank Observatory in West Virginia, Frank Drake wrote seven variables on a chalkboard. Multiplied together, they were supposed to [...]
Capital Doesn’t Predict the Future — It Builds It
The Greatest Arbitrage in Modern Markets Is Between the World Our Institutions Can Perceive and the World That Actually Exists
April 2026
There is a [...]
The Strait of Hormuz and the Price of Fragility
What the Largest Energy Disruption in History Reveals About Portfolio Risk
As we write this, Brent crude sits above $107 per barrel. Earlier this month [...]
“Whale Fall” – The End & The Beginning
By Erika Karp, President
Now that Spring is within sight, I've been fantasizing about the summer. So naturally, I've been dreaming about whales. [...]
Can Orbital Data Centers Really Be a Thing? (And Is That the Next Economy?)
By Garvin Jabusch
February, 2026
We often talk about the Next Economy as a function of efficiency—doing more with less, deleting the friction of [...]
Oren Cass Is Right About the Disease. He’s Wrong About the Cure.
A conservative economist just published the most widely-read critique of financialization in years. His diagnosis is devastating — and [...]
He Lifeng’s Wisdom in Davos: The Rise of the First “Electro-State” and the Next Economy
By Green Alpha® Investments, Next EconomyTM Investments
At Davos 2026 this week, amidst a global backdrop of rising protectionism and short-term thinking, [...]
Electrons, Intelligence, and the Shape of the Next Economy™: 2025 Year-End Macro Commentary
By Garvin Jabusch
The defining question of 2025 wasn't whether artificial intelligence would transform the economy. It was whether intelligence alone would [...]