Enterprising Investor
Practical analysis for investment professionals

Drivers of Value


Stablecoins and Treasuries: A Fragile Funding Link Investors Can’t Ignore

Stablecoins now hold hundreds of billions of dollars of US Treasuries, linking crypto sentiment to safe-haven bonds and adding a new layer of risk for investors.

Blockchain in FX and Remittances: From Pilot to Portfolio Impact

From tokenized FX trades to stablecoin transfers, blockchain’s shift from pilot to practice is changing how capital moves across borders.

Rights Without Power: Why the Put Bond Failed

Why did puttable bonds vanish? This piece explores the gap between rights and power, and why markets rejected a contract without control.

Intel, TikTok, and a US Sovereign Wealth Fund: What It Means for Investors

What a US sovereign wealth fund means for markets: state-backed capital reshaping risks and opportunities across key industries.

Adapt to Lead: Career Lessons from Kam Shing Kwang, CFA

Finance rewards those who adapt, not those who cling to formulas. Master fundamentals, embrace changes, and let adaptability be your compass.

Book Review: Can’t Deny It

This memoir, written by one of the most decorated research analysts in recent decades, will appeal to all finance practitioners and energy industry specialists.

It’s Not Just What You Own, It’s How Much: Machine Learning and the Portfolio Construction Imperative

AI is reshaping portfolio construction. A real-world case study shows how machine learning enhances allocation, risk control, and performance.

Investment Philosophy Statement: A Way out of the Underperformance Cycle?

Nonprofit portfolios underperform. A clear investment philosophy may be the key to breaking the cycle.

Book Review: The Financial Restructuring Tool Set

Explore Mike Harmon's expert guide to financial restructuring tools, distressed debt, and bankruptcy strategies for investors and practitioners.

Capital Deployment Matters: A Smarter Way to Assess PE Returns

Uncover how idle capital distorts private equity returns and why measuring what’s actually put to work gives investors a truer picture of performance.