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As part of results announcements in the last fortnight, the four dominant US ‘hyperscalers’ (Microsoft, Alphabet, Meta, and Amazon) have entered the largest capital spending cycle in the history of technology with a collective capex plan of ~$650 billion for 2026! Individually, each management team can justify its spending. Collectively, however, these spending trajectories resemble something very close to a Prisoner’s Dilemma.

In a world where automated portfolios and investment through large technology platforms is increasingly common, bespoke investment management continues to offer a compelling proposition for individuals and families seeking a more personalised and thoughtful approach to investing. This piece sets out the reasons why many clients choose a bespoke approach: a combination of economic rationale and human motivations that, taken together, form a powerful case for personalised inve

This piece explores why many investors choose an active approach grounded in fundamental research, long‑term thinking, and thoughtful customisation. It does not predict future returns or imply that active management is inherently superior.  Instead, it outlines the considerations that often make a personalised active strategy more aligned with an individual’s objectives, risks, and financial circumstances.

In this episode we are joined by William Davies, Co-Founder and CEO of Ptarmigan Capital. We discuss: His background, how he started his investment career; Why we started Ptarmigan Capital; The vision for the business and investment philosophy; The key differentiators of the company