Journal
Quiet observations.
Periodic notes from the practice — unhurried, unbylined where appropriate, written for principals.
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Cross-border, quietly.
Most of our cross-border work runs along a familiar corridor: an Australian principal with operating businesses or property in Sydney, liquid assets through a…
April · 2026
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Private credit is not a category.
Private credit has had its moment. The asset class has roughly tripled since the post-GFC decade, and "private credit" now appears in retail brochures, in…
April · 2026
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On concentrated books.
The arithmetic of private advice is straightforward. An adviser has a finite number of hours. Those hours can be spread across a long list of clients with thin…
April · 2026
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What we mean by advisory-first.
"Advisory-first" gets used a lot. In our hands it has a specific meaning. The broking market in Australia is a good market. It is competitive, informed, and…
April · 2026