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Research

Deutsche Bank - Korea: From “discount” to re-rating (14 pages)

Deutsche Bank says the KOSPI’s recent performance has been driven by a rare combination of cyclical recovery and structural growth themes such as AI and governance reform initiatives. Meanwhile, fundamentals remain strong with strong earnings and valuations are rather low and offer a discount to global peers.

J.P. Morgan Asset Management - In the Garden of Good and Evil: Frontier AI Escalates Security Costs (27 pages)

J.P. Morgan’s Investment Bank published a note on the cybersecurity vulnerability of operational technology such as aircraft autopilot systems, factory robots, power grid controls, and railway track shifting systems. Around 20% of information technology assets and 50% of operational technology assets were classified in the note as “unpatchable,” meaning that their vulnerabilities cannot be addressed solely through software updates and will require technology upgrades.

FT Partners - The Coming FinTech Liquidity Supercycle (71 pages)

This report lists the top 100 largest private FinTech companies by valuation based on public benchmarks and proprietary estimations. It highlights the revenue of the top 100 private FinTech companies ($174 billion) now exceeds that of the top 100 public companies founded in the last twenty years ($158 billion).

Vista Equity Partners - Agentic AI and the Future of Enterprise Software (16 pages)

Vista Equity Partners examines how agentic AI could shift enterprise software from systems that help employees into systems that perform work. Adoption remains early, with only 1% of enterprise data incorporated into AI solutions, while software and infrastructure could see $11 trillion of cumulative value by 2030.

The Intramonth Momentum Cycle (53 pages)

The authors argue that U.S. equity momentum is less about slow information diffusion and more about market plumbing. From 1980 to 2025, almost all momentum returns accrued during just six trading days before month end.

Bonus Content

In his latest macro update, KKR’s Henry McVey advises leaning into quality, liquidity, and return streams less dependent on valuation expansion. Link

Baillie Gifford’s Tom Slater says AI is coming for your mind, not your job. Link

Philipp Carlsson-Szlezak, BCG’s Chief Economist, addresses the the scare story of "technological unemployment" and revisits his old arguments about the deflationary nature of technology. Link

Morningstar’s quarterly update provides an in-depth market analysis on the global economy, stocks, and fixed-income. Link

Are you better off replicating VT’s exposure using two separate Vanguard ETFs – the Total US Stock Market ETF (VTI) and the Total International Stock ETF (VXUS) – held in the same weights? Victor Haghani thinks so. Link

Podcasts

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