Allocating through electoral cycles without participating in them — a discipline manual for multi-generational capital.
Allocating through electoral cycles without participating in them — a discipline manual for multi-generational capital.
We review four decades of policy cycles across twelve major economies and find that most "long-term themes" sustain policy stability for only six to eight years.
The commentary proposes a "politics-desensitized" allocation discipline driven by three surfaces: regulation, energy prices and capital controls.
The conclusion: silence amid political noise is itself a form of long-term alpha.