News, insights and thought leadership from the City Different team.
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An electric economy, a decade early Nobody would call Chengdu a quiet city. When you have twenty-one million people, scooter horns, hotpot exhaust fans, and construction at all hours, you get a...
Remember picking teams in gym class? It was a brutal ritual with a predictable mix of embarrassment and hurt feelings that we rightfully left in the past. We generally try to avoid ranking human...
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Speculation, Leverage, and the AI Build-Out Try this fun experiment. Go to whatever AI tool you use most and ask it a simple question: based on how much I use you, what would you have to charge me to...
An electric economy, a decade early Nobody would call Chengdu a quiet city. When you have twenty-one million people, scooter horns, hotpot exhaust fans, and construction at all hours, you get a...
Remember picking teams in gym class? It was a brutal ritual with a predictable mix of embarrassment and hurt feelings that we rightfully left in the past. We generally try to avoid ranking human...
Speculation, Leverage, and the AI Build-Out Try this fun experiment. Go to whatever AI tool you use most and ask it a simple question: based on how much I use you, what would you have to charge me to...
Many LPs in private equity right now are sitting on the same frustration: their fund statements still look healthy on paper, their marked IRRs continue to land roughly where the original pitch decks...
Bond investors have grown more sophisticated over the years, and the tools we use to evaluate bonds have evolved alongside us. For decades, yield was the primary measure investors focused on. Yield...
For the better part of fifteen years, investors have read the Fed's intentions through one number: Core PCE. It became the formal benchmark for the 2% inflation target in 2012, and ever since, the...
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There's a version of the investment conversation that goes something like this: “equities for growth, alternatives for excitement, and bonds left over for investors who've already won (and are now...
If you've ever heard the phrase "private equity" and immediately pictured a room full of suits in a Manhattan high-rise loading up a perfectly good business with debt, slashing headcount, and then...
What a New Fed Chair Means for Fixed Income Kevin Warsh took the helm on May 15, 2026, and has pledged to change the conduct of monetary policy. For fixed-income investors, this is not a transition...
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Howard Marks has a great investing concept called “second-level thinking.” It’s the idea that superior results come not from knowing what everyone else knows, but rather from seeing things...
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