In today’s briefing:
- Ohayo Japan | Equities Mixed Amid Rate and Geopolitical Concerns
- The Business of Access
- ETF Share Classes: Unlocking Distribution Without Reinventing the Operating Model
- Two friendly Substackers, an old-fashioned debate: “Is University Still Worth It?”
- GDS Investments September 2026 Commentary
- Argosy Investors Q2 2026 Commentary
- New Research Shows How Investors Can Manage US Dominance In Global Equity Portfolios
- Platinum Market Surplus Of 265 Koz Forecast For 2026 – Inventories Remain Critically Depleted Follow
- India Data Center Monthly (September 2026): Supply Surges, and Yotta Tests the Public Market
- Avoiding Dogmatism and Managing Momentum – Crossroads Capital
Ohayo Japan | Equities Mixed Amid Rate and Geopolitical Concerns
- US equities ended mixed as oil prices and elevated Treasury yields pressured markets, while geopolitical diplomacy helped indexes recover from session lows.
- Meta unveiled the Muse Charm and new AI-enabled glasses at Meta Connect, highlighting its push into personal AI hardware and expanding engagement across devices.
- Oracle fell 4% after issuing a force majeure notice on its 2.5GW New Mexico AI data centre project with OpenAI and Softbank.
The Business of Access
- Some of the greatest businesses in history were not built by inventing something entirely new.
- They were built by taking something desirable, useful or aspirational that already existed and putting it within reach of millions of people who had previously been excluded.
- Sometimes the barrier was price.
ETF Share Classes: Unlocking Distribution Without Reinventing the Operating Model
- Global ETF assets reached $20 trillion at the end of the first quarter of this year, 35% above the same period last year, with $626 billion in net inflows – the highest ever recorded.
- The paper looks at the growing opportunity for asset managers to add ETF share classes to existing mutual funds as a way of accessing increasing investor demand for ETFs without launching an entirely new fund.
- The same portfolio, strategy and performance track record can effectively be distributed through a different wrapper.
Two friendly Substackers, an old-fashioned debate: “Is University Still Worth It?”
- Is university still worth it? What you are about to read is two people who have been through the system, watched it change, and been assigned a side to argue as hard as we can.
- We ask you to put aside whatever you walked in believing, cast an opening vote below, then read all five rounds before you decide.
- As in a proper Oxford debate, the winner is not the side with the better opening, it is the side that changes the most minds.
GDS Investments September 2026 Commentary
- GDS Investments’ commentary for the month of September, 2026.
- “Remember that the art comes in editing after the invention, not before” – Ben Thompson Dear Clients and Friends, I hope you have all had a wonderful summer and have managed to stay cool despite the intense heat covering much of the country.
- Despite taking August off from this monthly letter myself, the world kept turning, and we return this September with a lot of news to touch on.
Argosy Investors Q2 2026 Commentary
- Argosy Investors’ commentary for the second quarter ended June 30, 2026.
- Dear Investors, This past quarter was among the most challenging since I began investing, mostly due to the runaway AI market, which has since corrected somewhat and already removed a mid-20’s investment savant from his once-high perch atop the AI investment landscape.
- While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.
New Research Shows How Investors Can Manage US Dominance In Global Equity Portfolios
- Nice, London, Singapore, Sydney – September 17, 2026 – Scientific Beta released new research that examines how investors can mitigate US dominance in global equity benchmarks.
- The study ” Restoring International Diversification ” employs a rigorous research framework to quantify the optimism embedded in current weights in US equities, and explores how investors can adopt more neutral views across regions.
- Key findings : Global benchmarks embed an active bet on US outperformance : US equities now account for around 70% of global benchmark weight and close to 80% of its risk.
Platinum Market Surplus Of 265 Koz Forecast For 2026 – Inventories Remain Critically Depleted Follow
- Trevor Raymond, CEO of the World Platinum Investment Council, comments: “The shift to a forecast platinum market surplus in 2026 is overwhelmingly due to investment outflows that occurred during the first half of the year against a backdrop of heightened macroeconomic and geopolitical uncertainty.
- The modest forecast surplus follows three consecutive years of significant deficit and does little to reduce the platinum market’s reliance on exceptionally lean and increasingly illiquid above ground stocks.
- This comes at a time when platinum’s strategic importance, in particular its expanding use in AI and data centre infrastructure, continues to grow.
India Data Center Monthly (September 2026): Supply Surges, and Yotta Tests the Public Market
- H1 2026 supply jumped 59.3% YOY to 258 MW and absorption rose 31.1% to 278 MW. Hyperscalers accounted for over 80% of demand.
- Capital is migrating toward public markets. Yotta targets a Q1 2027 IPO at up to US$6bn valuation, while EQT earmarks US$30bn for Indian data centers.
- Hyderabad is the re-rating story – 4.9% of stock today, projected at 33% by 2030 (Savills), anchored by TCS HyperVault’s 1 GW campus and Microsoft.
Avoiding Dogmatism and Managing Momentum – Crossroads Capital
- Crossroads Capital argues that value investors should avoid rigid labels, recognize momentum’s influence on markets, and manage it without abandoning fundamental discipline.
- In his H1 letter to Fundsmith Equity Fund investors this past July, Fundsmith CEO Terry Smith surprisingly announced that he had pivoted to a more momentum-driven style of investing.
- Smith said he wasn’t sure when momentum investing would stop working, only that it will.
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