Investing in a new regime

December 2025 Talaria Quarterly Investment InsightsIn this quarter’s investment insights, we examine a defining shift in global markets as the world moves away from decades of deep global integration and into a new monetary regime marked by higher debt, greater government intervention and more constrained capital flows. We discuss why headline equity markets, particularly in the US, appear stretched, how elevated earnings and concentration risk may be masking underlying vulnerabilities, and where more attractive opportunities can still be found. The focus is on building portfolios with stronger balance sheets, shorter duration cash flows and better risk-adjusted returns, supported by disciplined diversification and a willingness to look beyond crowded parts of the market. No reliance: This information contained in this file herein is factual and believed to be accurate as at the time of this document.  This information is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any financial product discussed herein, nor is it to form the basis of any contract or commitment. Such an offer would only be made by distribution of Private Placement memorandum to Professional investors relating to any such financial products offering, recipients of this document should therefore place no reliance on its contents when making any decision to invest. Any examples or information provided in this document are for illustrative and discussion purposes only and do not represent a recommendation or view on future events and in no way bind the issuer of the file. The file does not purport to be a complete statement or summary.​Talaria Capital Global Fund Ltd (“Fund”) may only be offered pursuant to the Private Placement Memorandum (PPM). The Participating Shares in the Fund have not been registered with or approved by any regulatory authority (with the exception of filing of the PPM document with the Cayman Island Monetary Authority). Any representation to the contrary is unlawful. In no event shall the Fund, its Directors, Investment Manager be liable for any loss or damages howsoever arising whether in contract, tort, negligence, strict liability or any other basis, includi...