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The technology sell-off has broadened after results from Alphabet, Amazon and Intel. Strong demand for cloud computing and AI infrastructure is being weighed against heavy investment, softer growth in established businesses and pressure on cash generation. Investors want clearer evidence that spending will deliver lasting shareholder returns. We remain positive on equities over the long term, while emphasising selectivity, diversification and the discipline to remain invested

The global economy has taken a great deal in its stride this year: an oil shock, a war in the Gulf and, in September, the first US rate rise in three years. Company earnings have kept growing through all of it, which keeps us positive on equities. Bonds are paying a proper income again, and we see little reason to leave surplus cash sitting idle. Infrastructure remains our strongest conviction.

In wealthy families, the greatest threat to a successful succession is often not poor financial planning, but the conversations that never happen. Unspoken expectations, unresolved tensions and reluctance to discuss wealth, responsibility and control can undermine even the most carefully constructed plans. We explore why silence carries a cost across generations, and how open dialogue can help preserve not just family wealth, but family relationships.

Artificial intelligence may transform the economy without rewarding everyone who finances it. As investment surges and expectations rise, the question is who will capture the economic value. History suggests the greatest beneficiaries may be companies that use AI rather than those building its infrastructure. We examine where durable profits may emerge, what markets have already priced in, and the hidden concentration risks facing investors.

AI is becoming critical economic infrastructure, changing how businesses compete and how governments think about resilience, sovereignty and strategic control. As access to advanced models broadens, advantage may increasingly depend on deployment, data, governance and execution rather than model ownership alone. For investors, value may accrue to the infrastructure and systems through which intelligence is created, trusted and controlled.

Wealth creation and wealth preservation often require different forms of judgement. The conviction, concentration and risk-taking that build a fortune can become less effective once capital must endure across generations. Drawing on behavioural finance, this article examines how loss aversion, overconfidence, mental accounting, social influence and time inconsistency can shape family decisions - and why governance is ultimately a behavioural discipline.

AI may matter less because of what machines can do than because of how humans adapt to them. Drawing on a Gresham College lecture series, this article examines AI as cognitive infrastructure: changing how people learn, analyse, decide and exercise judgement. It explores productive friction, the difference between performance and understanding, and why governance and accountability may become more valuable as AI systems become more capable.

Investment decisions rarely fail for lack of information. More often, the problem lies in how information is interpreted. Drawing on behavioural research, this article examines how early experiences, reference points, familiarity and social influence shape investment judgement - often in ways that appear rational and consistent, but are anchored in past outcomes rather than current conditions.

Preserving wealth across generations requires more than successful investing. As families move from wealth creation to consolidation and distribution, governance, values, spending discipline and investment strategy become increasingly important. This article examines why family fortunes are often lost over time - and the four core disciplines that can improve the prospects of long-term stewardship.

Preserving wealth across generations requires more than successful investing. As families move from wealth creation to consolidation and distribution, the challenges increasingly involve family values, governance, investment discipline and the responsible use of capital. This article examines why substantial fortunes can erode over time and identifies four core disciplines that can improve the prospects of successful long-term stewardship.