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September 14, 2026 in
Three Futures, and Why We Cannot Yet Say Which One We Are In
Most of what gets written about artificial intelligence and the economy falls into one of two camps. Either it is a modest technology that will, in...
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September 11, 2026 in
Who Is Really Paying for the AI Boom?
We have written before about how concentrated an ordinary, diversified portfolio has quietly become in a handful of very large technology companies,...
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August 26, 2026 in
The Quiet Cost of Borrowing: What UK Government Bonds Are Telling Us
For the better part of fifteen years, a UK government bond was a wonderfully calm thing to own. Interest rates had settled at levels not seen for...
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July 17, 2026 in
Owning It on Purpose
A companion to "The Concentration You Cannot See". Having seen how much of a typical portfolio quietly leans on artificial intelligence, the...
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July 14, 2026 in
Gold and the Limits of the Fear Story
Why gold fell back this year even as the headlines turned darker, and what that tells us about what really moves the price. A BCM Investment...
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June 23, 2026 in
The Concentration You Cannot See
Why a well-diversified portfolio may be a far bigger bet on artificial intelligence than it appears. Diversification is often called the only...
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May 1, 2026 in
Inflationary Now, Deflationary Later [Part 2]
Inflationary Now, Deflationary Later A BCM Investment Briefing The defining feature of this decade is not a single inflation level. It is...
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April 23, 2026 in
Inflationary Now, Deflationary Later [Part 1]
Part One: The Age of Scarcity This piece has been in our planning since early in the year. We had intended to publish it as a forward-looking...
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April 9, 2026 in
Our Q1 2026 Investment Outlook is Out
We publish a full Investment Outlook each quarter for our clients. This one was due at the end of March. We held it back. The Gulf conflict was...