Nobody's Home Market Pays Anymore

Key Takeaways

• The number that matters isn't the cap rate. It's the spread over your own risk-free rate. U.S. commercial property averages roughly 6.6% against a 4.73% 10-year Treasury. Prime City of London offices yield 5.25% against a 5.14% gilt — eleven basis points for taking real estate risk.
• Transaction volume has turned. Global direct real estate investment rose 28% year-over-year in Q2 2026, and cross-border investment grew 12% in 2025 — its first increase since 2021.
• The wealth is compounding faster than the supply of places to put it. There are 713,626 UHNWIs globally and 89 more cross the $30m threshold every day. Global financial wealth reached $333 trillion.
• Home bias is the real variable, and it varies enormously. U.S. family offices hold 88% of their portfolios in North America. Latin American family offices hold 23% at home.
• Foreign buying of U.S. homes fell 19.1%. Inbound cross-border capital into U.S. commercial rose 35%. Both are true, they measure different things, and the difference is instructive.
• This is not a stampede, and we won't dress it up as one. Family offices planning allocation changes intend to cut real estate to 8%. Sixty-five percent expect confidence in the dollar's reserve status to weaken.

The money is moving again

After three years of stalled transactions, global real estate is trading. JLL put global direct investment up 28% year-over-year in Q2 2026 — the Americas up 26%, EMEA up 27%, Asia Pacific up 38% and its most active second quarter in five years. Europe transacted €59.1bn in Q2, up 10%. Asia Pacific set a Q1 record at $47.0bn. In the U.S., first-half volume reached $250.3bn, up 21%.

The cross-border leg matters more for our purposes. Cushman & Wakefield found global cross-border investment rose 12% in 2025 — the first increase since 2021 — though it also found only 26% of U.S. cross-border activity went into new acquisitions rather than refinancing assets investors already held. Knight Frank sizes the global commercial market at roughly $1 trillion transacted in 2025, with the UK, U.S., Germany, France and Australia the leading destination countries.

So capital is moving. The question every family office and private investor is now working through is where, and why.

Everybody's home market stopped paying

Start with the arithmetic, because it is the same everywhere and it is unforgiving. A yield means little until you set it against what your own government pays you to take no risk at all.

Market	10-year sovereign	Property yield	Basis	Gap
United States	4.73% (28 Aug)	~6.6%	All-property average cap rate, every sector and tier	~190 bps
United Kingdom	5.14% (31 Aug)	5.25%	Prime City of London office, net initial (June guide)	~11 bps
Euro area	3.37% (German bund)	5.39%	All-Europe average prime office, Q2 2026 — includes non-euro markets	—
Switzerland	0.43% (1 Sept)	1.85%	Zurich prime apartments, gross residential	~142 bps gross
Brazil	14.59%	—	Selic policy rate 14.00%	—
Egypt	22.88%	—	CBE overnight deposit rate 19.00%	—

Read the basis column before the numbers, because these are not the same measure. The U.S. figure is an average across everything — the same CBRE survey quotes suburban Class A office at 10–12.5%, so it is not a prime number. The UK figure is prime, the tightest-priced asset in that market, and it comes from a June guide against an August gilt print. The euro-area row pairs a German bund against an all-Europe office average that includes non-euro markets, so it is directional only. And the Swiss 1.85% is a gross residential yield before operating costs, maintenance, management and vacancy; the net figure is materially lower. On a genuine like-for-like prime net basis, the U.S. advantage over the UK narrows considerably.

What survives all of that is still the point. Across Europe, Cushman & Wakefield's all-market averages sit at 5.39% for prime office, 5.23% for logistics and 4.77% for high-street retail — yields that made sense against a zero policy rate and make far less against today's bunds and gilts. In markets where the sovereign pays double digits, real estate has to clear a bar most assets can't.

UNITED KINGDOM.

At 5.25% for prime City of London offices against a 5.14% gilt, a British investor is paid roughly eleven basis points to accept illiquidity, tenant risk, capex and management. Prime West End core — Mayfair, St James's — trades at 3.75% to 4.00%, below the gilt. Property income grows and gilt coupons don't, so a reverse yield gap isn't automatically irrational. But UK all-property capital values fell 0.2% in Q2 and Savills forecasts prime central London residential at −2.0% for 2026, so the growth leg isn't currently doing the work.

SWITZERLAND.

The opposite problem, same conclusion. The SNB has held at 0.00% since June 2025 and expects to stay there through end-2027; the 10-year pays 0.43%. Zurich apartments rose 10.6% year-over-year to CHF 23,350 per square metre while gross yields compressed to 1.85%, against a 2.91% national average — and Wüest Partner forecasts existing-lease rents to fall 0.8% across 2026. Swiss banks passed CHF 10 trillion in client assets in H1 2026, though the Bankers Association attributes that largely to equity market resilience rather than new inflows.

The wealth is compounding faster than the places to put it

This is the structural pressure behind everything above. Capgemini counts 25.3 million HNWIs holding $98.3 trillion, up 8.7% in a year. Knight Frank counts 713,626 individuals worth $30m or more — 89 people cross that threshold every day — plus 3,110 billionaires and roughly 10,000 family office entities. BCG puts total global financial wealth at $333 trillion, up 10.7%, with cross-border wealth at $15.7 trillion.

Growth is not evenly spread. Capgemini's HNWI population grew 9.1% in North America and 6.5% in Europe, but just 0.3% in Latin America and fell 1.4% in the Middle East. And the plumbing itself is shifting: BCG reported that Hong Kong overtook Switzerland as the world's largest cross-border wealth hub for the first time, at $2.9 trillion.

More money, growing faster, chasing a stock of income-producing assets that did not grow at the same rate. That is a yield-compression story before it is anything else.

Home bias is the real variable

Ask where global capital is going and the honest answer is: it depends almost entirely on where it started. UBS surveyed 307 family offices holding $627bn between them, and the geographic splits are the most revealing data in the report.

U.S. family offices hold 88% of their portfolios in North America. Swiss family offices hold 50% in Western Europe against 37% in North America. Latin American family offices hold 60% in North America and 23% at home — the widest gap among the regions UBS disclosed.

That is not a ranking of which investors are cleverest. It is a map of which investors have historically been able to trust their own currency, courts and property registries — and which have not. Home bias is cheap when your home market pays you. It gets expensive fast when it doesn't.

LATIN AMERICA.

The transaction data matches the survey. Foreign purchases of U.S. homes fell 19.1% to $45.3bn in the year to March 2026 — and Mexico went up, to $5.0bn across 9,400 homes, second-largest source of foreign buyers by homes purchased and third by dollar value, while the overall market retreated. In South Florida, international volume rose from $3.1bn to $4.4bn across 5,300 properties, with Colombia at 15% of buyers and Argentina at 12%. Argentina shows the durability of the instinct: stabilization has held, with the IMF projecting 2026 inflation near 16% and 4.0% growth, and yet INDEC's Q1 2026 data shows US$284.0bn in currency and deposits outside the domestic financial system — six times central bank reserves — plus US$117.4bn in offshore portfolio investment. The 2024 amnesty regularized US$32.2bn, largely by declaring assets already in the country: 40,530 of the 42,545 properties declared were Argentine. A preference measured in decades, not electoral cycles. One correction to the usual story, though: Mexico's peso is at 16.97, inflation 3.26%, and H1 FDI hit a record $34.96bn. Mexican buying — 40% of it in Texas — is diversification and family logistics, not flight.

The inflation-hedge instinct is global. The instruments are not equal.

Deloitte surveyed 850+ commercial real estate executives and found inflation hedging the single most-cited motivation for allocating to property, named by 34% — ahead of diversification at 26%. That instinct is close to universal. What differs by market is whether the local asset actually delivers on it.

EGYPT.

The pound went from 30.9 to 49.5 against the dollar in a single day on 6 March 2024, settling near 50.6 afterward. It sits at 50.82 today — remarkably stable for two and a half years, helped by the $35bn Ras El Hekma agreement with ADQ (about $24bn of it new money, the balance converted from existing UAE deposits) and record reserves of $56.3bn in July. Egyptian families responded the way anyone would: they bought property, because property is what you can hold when the currency can't be. The instinct is sound; the local instrument has not delivered. On Aqarmap's index, Egyptian residential prices outpaced inflation in only two of the five completed years from 2020 through 2024. In 2024 — the devaluation year, precisely when a hedge should have worked — real prices fell 4.8%. The March 2026 reading was −8.22% nominal and −20.30% in real terms.

THE GULF.

Where a lot of that capital went instead. Dubai residential runs 6–8% gross rental yields on Knight Frank and Markaz comparisons, against 3–5% typical for London, New York and Singapore. Egyptian buyers are now the third-largest nationality in Dubai property at 12.6% of purchasing activity, behind Indian (20.6%) and British (13.3%) buyers — broker-compiled data rather than official Land Department statistics. Henley's 2026 wealth-mobility scoring puts the UAE first globally at 85.3, ahead of Singapore at 79.5 and Switzerland at 70.8.

The currency layer nobody underwrites properly

The dollar fell roughly 9–10% in 2025, its worst year since 2017, and has been broadly flat since — the index sits near 99.7, up 1.3% over twelve months. An investor who didn't act last year has not watched the entry discount evaporate.

But 65% of the family offices UBS surveyed expect confidence in the dollar's reserve status to weaken over the coming year, and are moving toward multi-currency frameworks. That tension — buying dollar assets while doubting the dollar — is the defining feature of cross-border allocation in 2026, and it resolves in exactly one place: the hedged return. Currency hedging costs frequently consume the entire headline U.S. yield premium. An unhedged cap rate quoted to a foreign investor is a marketing number, not an underwriting one.

What the flows say, including the parts we'd rather skip

Two figures that look contradictory and aren't. Foreign purchases of U.S. homes fell 19.1% in the year to March 2026 — NAR attributes that largely to the decline in international visitors, not to pricing. Separately, CBRE reported inbound cross-border capital into U.S. commercial real estate up 35% in H1 2026, to $14.4bn. Keep that in proportion: $14.4bn is 5.8% of total U.S. volume, growing off a small base.

Now the parts that don't flatter the pitch. UBS found family offices planning strategic changes intend to cut real estate to 8%, from an 11% average across all respondents in 2025 — an intention, not a completed reallocation, held by about 60% of the sample. J.P. Morgan's survey of 333 family offices puts direct private real estate at 7.4%. Capgemini finds broad HNWI allocations flat at 19%. Those three measure different populations against different denominators; the gap is largely definitional, not a mystery.

There is also a live counter-example. One CHF 13bn Swiss pension fund raised domestic real estate to 27% this year while cutting foreign real estate to 3.5%, describing Swiss residential as a core, stable holding. The yield case for looking abroad is strong. The observed institutional flow is uneven. Anyone telling you global money is flooding into American real estate is selling, not reporting.

One more piece of housekeeping on the record, since it circulated widely: the "millionaire exodus" figures that dominated 2025 coverage came from Henley & Partners, sourced to a provider called New World Wealth. Henley stopped producing them — the 2026 edition dropped both the provider and the country-by-country headcounts in favour of a competitiveness score, conceding that outflow estimates "can vary by an order of magnitude depending on which definition of 'millionaire' is applied." Where tax regimes did change, as in Britain's move from domicile to a long-term residence test with a tail of up to ten years, the effect on pricing is documented. The headcounts are not.

What the evidence does support: Deloitte found the U.S. is now the preferred cross-border market for 16% of CRE respondents, up from 11% the year before, with roughly 75% planning to increase real estate investment. That survey was fielded in 2025. And on the residential side, 48% of foreign buyers paid all cash against 28% of all existing-home buyers — equity, not leverage.

What we'd actually underwrite

The spread over your home risk-free rate tells you whether to look abroad. The hedged return tells you whether to act. Income beats appreciation when two-thirds of your peers doubt the reserve currency. And compare like with like — a gross residential yield, an all-property average cap rate and a prime net initial yield are three different things, and only one of them is what you'll be paid.

The rest is execution: know the submarket, control the asset, close what you said you'd close.

OTIMA invests in income-producing U.S. real estate alongside partners across four continents. We put our own capital in every deal, and we underwrite the downside before we underwrite anything else. Wherever you're running this math from, we're happy to run it with you.

Sources

1. JLL Research, Global real estate trends and perspectives, 3 August 2026 — global direct investment +28% YoY in Q2 2026; Americas +26%, EMEA +27%, Asia Pacific +38%. https://www.jll.com/en-us/insights/market-perspectives/global

2. CBRE, European Real Estate Investment Figures Q2 2026, 31 July 2026 — €59.1bn, +10% YoY. https://www.cbre.com/insights/figures/european-real-estate-investment-figures-q2-2026

3. JLL, 19 May 2026 — Asia Pacific Q1 2026 investment a record USD 47.0bn. https://www.jll.com/en-hk/newsroom/asia-pacific-commercial-real-estate-investment-surges-to-record-usd-47-billion-in-q1-2026

4. Cushman & Wakefield, Cross-Border Capital and CRE: Early 2026 Signals, April 2026 — global cross-border investment +12% in 2025, the first rise since 2021; U.S. cross-border volume broadly flat; 26% directed to new acquisitions. https://www.cushmanwakefield.com/en/insights/cross-border-capital-and-cre

5. Knight Frank, The Wealth Report 2026, April 2026 — approximately $1 trillion of global commercial real estate transacted in 2025; leading destination countries the UK, U.S., Germany, France and Australia; 713,626 UHNWIs, 3,110 billionaires, ~10,000 family office entities; 89 individuals cross the $30m threshold daily. https://www.knightfrank.com/research/reports/wealthreport

6. Federal Reserve, Selected Interest Rates (H.15), released 31 August 2026 — U.S. 10-year Treasury 4.73% (28 Aug 2026). https://www.federalreserve.gov/releases/h15/

7. CBRE, U.S. Cap Rate Survey H1 2026, 12 August 2026 — all-property average near 6.6%; suburban Class A office 10.0–12.5%. https://www.cbre.com/insights/reports/us-cap-rate-survey-h1-2026

8. CBRE, Q2 2026 U.S. Capital Markets Report, 30 July 2026 — H1 volume $250.3bn (+21%); inbound cross-border $14.4bn (+35%); cap rate cited at 6.3% vs 6.0% a year prior. https://www.cbre.com/insights/figures/q2-2026-us-capital-markets-report

9. Trading Economics — UK 10-year gilt 5.14% (31 Aug 2026); German 10-year bund 3.37% (1 Sept 2026); Brazil 10-year 14.59%; Switzerland 10-year 0.43% (1 Sept 2026). https://tradingeconomics.com/united-kingdom/government-bond-yield

10. Knight Frank, Prime Yield Guide, 4 June 2026 — City of London offices 5.25% net initial; West End prime core 3.75–4.00%. https://www.knightfrank.co.uk/site-assets/research/report-pdfs/yield-guide/kf-final-june-2026-prime-yield-guide.pdf

11. Cushman & Wakefield, DNA of Real Estate Q2 2026 — all-Europe prime office 5.39%, logistics 5.23%, high-street retail 4.77%. https://www.cushmanwakefield.com/en/united-kingdom/insights/dna-of-real-estate

12. CBRE UK, UK Monthly Index Q2 2026, 9 July 2026 — all-property total return 1.2%; capital values −0.2%. https://www.cbre.co.uk/press-releases/uk-all-property-total-returns-in-q2-2026

13. Savills prime residential forecasts, 27 January 2026 — prime central London −2.0% for 2026, as reported by Property Investor Today. https://www.propertyinvestortoday.co.uk/breaking-news/2026/01/savills-forecast-prime-markets-bottoming-out-in-2026/

14. Swiss National Bank — policy rate cut to 0.00% on 19 June 2025; held at the assessment of 18 June 2026. https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20260618

15. Global Property Guide, Switzerland Residential Property Market Analysis 2026 (Wüest Partner / SNB data, Q1 2026) — Zurich apartments CHF 23,350/m² (+10.61%); Zurich prime gross residential yield 1.85%; national average 2.91%; existing-lease rents forecast −0.8% for 2026. https://www.globalpropertyguide.com/europe/switzerland/price-history

16. Swiss Bankers Association, Banking Barometer, 31 August 2026 — client assets passed CHF 10 trillion in H1 2026, attributed largely to equity market resilience. https://www.swissinfo.ch/eng/workplace/asb-forecasts-further-growth-for-the-banking-sector-in-2026-as-well/91979977

17. IPE — CPV/CAP Pensionskasse (CHF 13bn): Swiss real estate raised to 27%, foreign real estate cut to 3.5%. https://www.ipe.com/news/domestic-equities-gain-as-swiss-pension-fund-scales-back-us-allocations/10135093.article

18. Capgemini, World Wealth Report 2026, 4 June 2026 — 25.3m HNWIs holding $98.3tn (+8.7%); HNWI population growth North America +9.1%, Europe +6.5%, Latin America +0.3%, Middle East −1.4%; HNWI real estate allocation stable at 19%. https://www.capgemini.com/wp-content/uploads/2026/06/WWR_2026.pdf

19. BCG, Global Wealth Report 2026: The Great Reordering, 27 May 2026 — global financial wealth $333tn (+10.7%); cross-border wealth $15.7tn (+8.4%); Hong Kong overtook Switzerland as the largest cross-border wealth hub at $2.9tn. https://www.bcg.com/press/27may2026-hong-kong-surpasses-switzerland-largest-cross-border-wealth-hub

20. UBS, Global Family Office Report 2026, 28 May 2026 — 307 family offices, $627.4bn; U.S. 88% North America; Swiss 50% Western Europe / 37% North America; LatAm 60% North America / 23% Latin America; real estate 11% (2025 average) falling to 8% among offices planning changes; 65% expect confidence in the dollar's reserve status to weaken. https://www.ubs.com/global/en/media/display-page-ndp/en-20260528-global-family-office-report-2026.html

21. J.P. Morgan Private Bank, 2026 Global Family Office Report — 333 family offices across 30 countries; direct private real estate 7.4% of portfolios. https://privatebank.jpmorgan.com/nam/en/insights/reports/2026-family-office-report

22. National Association of Realtors, 2026 International Transactions in U.S. Residential Real Estate, 29 July 2026 — $45.3bn (−19.1%); 67,100 homes (−14%); 48% all-cash vs 28% of all existing-home buyers; Mexico $5.0bn / 9,400 homes (second by homes, third by dollar value); Florida 20%, California 19%, Texas 12%. https://www.nar.realtor/newsroom/foreign-buyers-purchased-45-3-billion-worth-of-u-s-homes-from-april-25-to-march-26

23. MIAMI Association of Realtors, 2025 Profile of International Home Buyers, 27 January 2026 — South Florida international volume $4.4bn across 5,300 properties, up from $3.1bn / 4,000; Colombia 15%, Argentina 12%. https://www.miamirealtors.com/2026/01/27/miami-is-1-u-s-market-for-foreign-home-buyers-new-miami-realtors-international-report-released-today/

24. INDEC, Q1 2026 international investment position, reported by La Nación and Infobae, 24–25 June 2026 — US$284.0bn in currency and deposits outside the domestic financial system; portfolio investment abroad US$117.4bn. https://www.lanacion.com.ar/economia/dolar/cuantos-dolares-tienen-guardados-los-argentinos-debajo-el-colchon-nid24062026/

25. ARCA (Argentina), final results of the Law 27.743 asset regularization, 26–27 December 2024 — US$32.151bn regularized; 42,545 properties declared, of which 40,530 were located in Argentina. https://www.infobae.com/economia/2024/12/27/mas-de-42000-inmuebles-en-la-argentina-y-el-exterior-fueron-declarados-en-el-blanqueo-informo-el-gobierno/

26. Americas Quarterly, Argentina: A 2026 Snapshot — IMF projections for 2026: inflation ~16.4%, GDP growth 4.0%. https://americasquarterly.org/article/argentina-a-2026-snapshot/

27. Mexico News Daily, 26 August 2026 — USD/MXN 16.97; H1 2026 FDI US$34.96bn (+2.1%), a record; headline inflation 3.26%. https://mexiconewsdaily.com/politics/sheinbaum-mexico-economy-mananera-wednesday/

28. NAR, "Mexico–U.S. real estate partnership," 3 November 2025 — 40% of Mexican U.S. purchases in Texas. https://www.nar.realtor/news/real-estate-news/mexico-us-real-estate-partnership

29. Exchange-Rates.org, USD/EGP historical series — 30.902 on 5 March 2024; 49.549 on 6 March 2024; 50.820 on 31 August 2026. https://www.exchange-rates.org/exchange-rate-history/usd-egp

30. Central Bank of Egypt — net international reserves US$56.29bn at end-July 2026, a record, via Zawya; CBE held rates for a fourth consecutive meeting (overnight deposit 19.00%). https://www.zawya.com/en/economy/central-bank-of-egypt-net-international-reserves-reached-56293.9mln-at-end-of-july-2026-422238

31. Cbonds, Egypt 10-Year Yield to Maturity, 31 August 2026 — 22.88%. https://cbonds.com/indexes/24229/

32. ADQ, 23 February 2024 — US$35bn Ras El Hekma investment: US$24bn for development rights plus US$11bn converted from existing UAE deposits; Egyptian state retains a 35% stake. https://www.adq.ae/newsroom/adq-led-consortium-to-invest-usd-35-billion-in-egypt/

33. Global Property Guide, Egypt Residential Property Market Analysis 2026 (Aqarmap Real Estate Index) — real price changes: 2020 −14.4%, 2021 −2.2%, 2022 +3.4%, 2023 +6.1%, 2024 −4.8%; March 2026 −8.22% nominal / −20.30% real. https://www.globalpropertyguide.com/middle-east/egypt/price-history

34. Kuwait Financial Centre (Markaz) and Knight Frank comparisons, reported by Khaleej Times, 16 February 2026 — Dubai residential gross rental yields 6–8%, against 3–5% typical for London, New York and Singapore. https://www.khaleejtimes.com/world/asia/dubai-yields-stay-among-worlds-highest-as-gcc-property-surge-rolls-into-2026

35. Harbor Real Estate / DXBinteract, reported by Khaleej Times, 9 July 2026 — Egyptians the third-largest buyer nationality in Dubai property at 12.6% of purchasing activity, behind Indian (20.6%) and British (13.3%) buyers. Broker-compiled data, not official Dubai Land Department statistics. https://www.khaleejtimes.com/business/indian-uk-egyptian-investors-top-dubai-property-buyers-in-2026

36. Henley & Partners, Private Wealth Migration Report 2026, 16 June 2026 — Wealth Mobility Competitiveness Scores: UAE 85.3, Singapore 79.5, Switzerland 70.8, Brazil 64.2, USA 62.3. Country-level millionaire headcounts discontinued; New World Wealth no longer the data provider; "estimates of a single country's outflows can vary by an order of magnitude depending on which definition of 'millionaire' is applied." https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2026

37. Tax Justice Network, 16 June 2026 — reporting on the methodology change. https://taxjustice.net/press/millionaire-exodus-study-drops-author-and-numbers-after-fake-data-accusations/

38. Deloitte TaxScape, Reform of the UK's non-dom regime, inheritance tax and trusts — four-year FIG regime; long-term residence test (10 of 20 years) with a tail of up to 10 years. https://taxscape.deloitte.com/article/reform-of-the-uk-s--non-dom--regime--inheritance-tax-and-trusts.aspx

39. Trading Economics, U.S. Dollar Index, 1 September 2026 — 99.696, +1.32% over twelve months; 2025 decline of roughly 9–10%, the steepest since 2017 (reported between −9.0% and −10.2% across outlets). https://tradingeconomics.com/united-states/currency

40. Deloitte, 2026 Commercial Real Estate Outlook, published 29 September 2025 and fielded in 2025 — survey of 850+ CRE executives; inflation hedging cited by 34% and diversification by 26% as motivations; the U.S. is the preferred cross-border market for 16% of respondents, up from 11%; ~75% plan to increase real estate investment. https://www.deloitte.com/us/en/insights/industry/financial-services/commercial-real-estate-outlook.html

Market data as of 1 September 2026. Yields, rates and currency levels move; figures should be re-verified before relying on them. Where reputable sources disagree, both figures are named in the text rather than reconciled. Property yields quoted on different bases — gross residential, all-property average cap rate, and prime net initial yield — are labelled as such and are not directly comparable. This is market commentary and general information only. It is not tax, legal or investment advice, and it is not an offer to sell or a solicitation of an offer to buy any security or interest in any investment vehicle.

OTIMA Research

OTIMA Investments

The OTIMA Investments leadership team combines decades of institutional investment management experience across North American commercial real estate markets.

Important Legal Information: This perspective is published for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products. Past performance is no guarantee of future returns. Forecasts and opinions expressed herein are subject to change without notice based on market conditions.

Key Takeaways

The money is moving again

Everybody's home market stopped paying

The wealth is compounding faster than the places to put it

Home bias is the real variable

The inflation-hedge instinct is global. The instruments are not equal.

The currency layer nobody underwrites properly

What the flows say, including the parts we'd rather skip

What we'd actually underwrite

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