Half Year Letter to Investors

SpaceX’s listing on public stock markets is a symbolic and revealing moment. Alongside Anthropic and OpenAI, it is the first of the ‘Big 3’ initial public offerings (IPOs) expected to come to an equity bull market for which new share issues have hitherto been conspicuous by their absence.

21 mins

Half Year Letter to Investors

Had you fallen asleep at the start of the year, only to be revived six months later, you might be forgiven for thinking that markets were similarly sedate.

15 mins