Research built around difficult questions.
This page holds two things. First, research you can hire us to undertake: a question investigated to institutional standard, as an individual research assignment or through ongoing research support. Then the firm’s own work to read or request: the published flagship study, six published studies sent on request, four completed India studies, two standing franchises, the comparative data desk and the insights. The work to date goes deepest in India and the emerging markets it competes with; a research assignment follows wherever your question leads.
Research for your question
Individual assignment · Ongoing research support
Hire the research
A study built around your question.
A research assignment takes a specific question and answers it to institutional standard: the evidence assembled and dated, the comparison drawn, the answer stated with the confidence the evidence supports. It may concern a market, a company, a sector, a policy, an investment or a set of alternatives, anywhere the question leads.
Available as an individual assignment or as ongoing research support, where standing questions are answered on an agreed rhythm from context we already hold. The product is the research and its conclusion; the decision stays with you. Where the work should argue for a recommendation instead, it is consulting, and we say so at the scoping call.
It arrives as a report, a memo, a comparative study, a deck, a data appendix, a model or a briefing, agreed in writing before work starts alongside the scope, the timing and the fee.
Flagship research
Published · August 2026 · Direct download
Flagship institutional study
Can Global Investors Actually Capture India’s Economic Rise?
India, emerging markets and the competition for global capital
Can Global Investors Actually Capture India’s Economic Rise?
A dollar into India captures part of its rise, but materially less than GDP growth implies — and the return comes from earnings net of currency, not from the multiple. India is structurally attractive but valuation-sensitive, and it has to be sized against the markets competing for the same capital. An India-centred question, answered inside a genuine comparative emerging-markets framework.
Report findings carry a 31 July 2026 data cut-off. Nothing in the study is live data.
Published research
Seven published · Ten on request
All seven are published. The flagship is a direct download; the six studies below are sent to your work email on request. The work to date goes deepest in India and the emerging markets it competes with; the six studies follow the questions clients now bring, across markets.
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01
PublishedCan Global Investors Actually Capture India’s Economic Rise?
India, emerging markets and the competition for global capital. The flagship study: 118 pages, 22 numbered exhibits and a ten-market scorecard, with a 31 July 2026 data cut-off.
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02
PublishedThe Cost of Capital Has Changed. Has Your Hurdle Rate?
What a decade of cheap money did to valuations, leverage and project economics, and what the return of a real cost of capital is doing to them now. Which hurdle rates still make sense, and which assumptions quietly still live in 2019.
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03
PublishedTariff Arithmetic
What trade policy actually does to prices, margins and location decisions, traced through the supply chain rather than the headline. Who pays, who absorbs, who moves, and what the last round says about the next.
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04
PublishedThe Concentration Problem
What it means for an allocation when a handful of companies are the index, the capital-expenditure cycle and the earnings growth at once. Diversification on paper against diversification in fact.
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05
PublishedPrivate Credit’s Decade
Where private credit’s return came from, what it was paid for, and how the asset class behaves when rates, defaults and liquidity move together. The questions to ask before the next commitment.
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06
PublishedPublic Debt After the Pandemic
Sovereign balance sheets after the largest peacetime borrowing on record: who can carry the debt, at what rate, and what it does to the cost of capital everywhere else.
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07
PublishedEM ex-China: The Allocation Nobody Designed
What an emerging-markets allocation looks like once China is carved out: what remains, how concentrated it is, which markets absorb the weight, and whether the case for the residual set stands on its own.
Also available on request, four completed India studies: Credibility and Transmission · The Balance-Sheet Decade · The Rupee, Managed · Promoter Nation. Two standing India franchises read online: India in EM · What the Coverage Misses.
Maintained data
Comparative data desk
India read against the global anchors and the emerging markets it competes with: sourced World Bank series across growth, prices, credit, external accounts and market structure, every one carrying its series ID and observation date, refreshed as the sources release.
The data deskShort notes
Insights
Short, dated notes in two registers: briefings on what a data release, policy statement or market move actually changes, and data notes built around one chart, one finding, one implication.
Read the insightsHow the research is done
Six stages · every source dated
The method
The comparison set is chosen, not inherited.
Every study begins by naming the alternatives the decision actually runs against, before a line of analysis is written. For the India work that has meant Indonesia, Brazil, Vietnam, Mexico, China or the whole classified EM set; for other questions it means a developed-market anchor, a peer group of companies or whichever comparators the question itself defines. Official data, filings and primary sources are pulled and cleaned in-house. Every figure carries its source and its date; judgement is labelled as judgement; and the conditions that would change a conclusion are stated beside it.
The same six stages run whether the work is a one-question memo, a research assignment or the flagship. Sources are recorded, the methodology is open to challenge, and corrections are published. Where the question is a decision to be argued for rather than a study to be delivered, it is scoped as a consulting mandate.
Bring us the question.
We scope the research around it, as a one-off assignment or ongoing support, and tell you plainly, before you have spent anything, if it cannot be answered well.