The Long Capital View
Essays on capital, risk, governance and time — not forecasts or recommendations, but frameworks for making better institutional decisions. Also published as a LinkedIn newsletter.
The Tariff Canada Imposes on Itself
Washington's tariffs are visible and politically explosive. Canada's internal barriers are quieter — and, for long-term investors, may matter more. On the C$210bn case for interprovincial reform, and why some regional moats are really just regulatory walls.
Read the essay (PDF) →Ideas worth carrying into the next committee meeting.
The objective is not to comment on every market move. It is to identify developments, contradictions and structural changes that may still matter after the headlines have moved on.
The Tariff Canada Imposes on Itself
Washington's tariffs are visible and politically explosive. Canada's internal barriers are quieter and may be more damaging.
Why Your ALM Strategy Might Be Doomed to Mediocre Returns
A Nash equilibrium wake-up call for asset–liability management, 2026–2030 — and why the rush into private credit dampens the very premium it was meant to capture.
Caracas Captured, Ottawa Exposed
Why the fall of Maduro threatens Canada's energy leverage six months before the USMCA review.
Canada's Growth Paradox
How an economy can get bigger without making its people richer — and why long-horizon investors should care about the distinction.
When Private Equity Sells Itself
On continuation vehicles, affiliated transactions and the governance question that matters more than the conflict itself.
The Power Law Portfolio: What Ben Graham's Biggest Bet Teaches
What one of the most disciplined value investors in history learned from his least diversified position.
The Inertia Test: The Hardest Benchmark in Investing
Why the most demanding comparison for any active decision is the one against doing nothing at all.
Echoes After 53 Years: Why the Blindfolded Monkey Still Rules
Revisiting Burton Malkiel's famous provocation, and what it still gets right about active management.
Portfolio construction. Governance. Incentives. Valuation. Long-term capital.
The recurring question is not simply whether an idea is attractive, but whether it strengthens the institution's ability to meet its objectives and survive being wrong.