Insights
Notes from the work.
How we think about capital, markets, institutions and technology, in our own words.
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Regional markets4 August 2026
A repricing is not a collapse
Indonesia cannot hold a stable rupiah, open capital flows and an independent monetary policy at once. The useful distinction for an allocator is whether a move is a repricing, which can be held, or a collapse, which cannot.
Alfred Boediman
AI29 July 2026
Capital follows protection, not potential
Korea's AI-driven rally and its 21-day unwind show how leverage, index concentration and thin exits decide who pays when sentiment turns. Indonesia shares more of that structure than its calmer surface suggests.
Alfred Boediman
Capital12 July 2026
What left never owned the country
In Indonesia the map that matters is financial, not legal. The capital that sold in 2026 owned an index weight. The capital that stayed, and in places bought, was never in that box.
Alfred Boediman
Institutions29 June 2026
The Grey Premium
Governance risk is a cost of capital, not a moral footnote. Indonesia's 2026 sell-off looked like the market pricing it in, and the arithmetic shows why some projects stop being fundable altogether.
Alfred Boediman