The market remains willing to fund transformational growth. SpaceX proved that. But SpaceX is not merely an IPO. It is a market structure event.

Food for thought and CE from Portfolio Construction Forum

One of the most remarkable features of the current market cycle is that capital is no longer simply chasing growth. Increasingly, growth is chasing capital. The next phase of the cycle may be determined not by the capabilities of artificial intelligence, but by the capacity of financial markets to fund it.

Markets continue pricing artificial intelligence as a productivity revolution. Increasingly, it is also becoming a capital cycle, influencing how capital is allocated throughout the global economy.

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Markets continue to behave as though AI can absorb almost any macroeconomic shock, largely pricing AI as an abundance narrative. Meanwhile, the underlying system is increasingly signalling scarcity.

Markets continue to behave as though AI can overpower the macro cycle. But underneath that confidence, a different system is emerging.

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Certified Investment Management Analyst (CIMA) is the peak, international technical portfolio construction certification program designed for investment management analysts - that is, those involved in any aspect of constructing multi-asset, multi-manager portfolios.

With Jerome Powell concluding his tenure as Fed chair, his legacy is likely to reflect a striking irony - it will have been secured by the man who sought most aggressively to undermine him.

The AI boom, energy insecurity, strategic infrastructure, liquidity management and private market implementation are all becoming part of the same portfolio construction conversation.

Private credit markets are under growing stress, fuelling fears of a financial crisis that could spill over to the real economy. But a closer look at the evidence suggests predictions of a meltdown are running well ahead of the facts.

These tutorials relate to the IMAC 2026 lectures and are available to CIMA candidates enrolled in the CIMA Certification Asia Pacific Program 2026.

Markets can remain stable at the index level even as risk becomes more uneven, more concentrated, and more difficult to hedge. This week's signals suggest that is now the dominant dynamic.

Markets are currently pricing stability. But the underlying system remains constrained and market structure is becoming more fragile. The gap between pricing and reality is where risk tends to emerge.

If asked today whether a high-quality unlisted property fund would outperform the S&P 500 over the next 10 years, most investment advisers would, without hesitation, back the S&P 500. However, they may be wrong.

A market can absorb volatility for a long time. It can absorb headlines, short-term oil spikes, and contradictory policy signals. What is harder to absorb is a shift from price disruption to actual constraint.

Jonathan Pain, Author and Publisher of The Pain Report, is a regular key note presenter at Portfolio Construction Forum's continuing education programs. Over the years, he has debuted new investment theses and challenged delegates about how to build better quality investor portfolios...

What began as a disruption to energy flows is now transmitting through inflation expectations, bond markets, liquidity conditions, and cross-asset relationships. Importantly, the adjustment is not occurring in a linear way.