Fault Lines

Systemic risk in geopolitics, credit and markets.

Section

The Everything Bubble

When every asset is priced off the same discount rate, diversification stops being a defence.

Analysis

Everything is one trade now

Assets that look unrelated are increasingly priced off the same variable, which means diversification is doing less than the portfolio says it is.

The Editors · 18 August 2026 · 8 min read