COMMENTARY: July 2025
Qube's Commentary is a collection of insightful articles written by our expert team. Inside, you'll find...
Horseshoes, Hand Grenades, and Risk-Free Rates
“Wrapping my head around debt has always been a challenge. There’s the small ‘IOU’ scribbled on a napkin to a friend, the patio set you’re still paying off, and even the mortgage that looms over half your adult life. Some of these debts feel big to us, but I’d still call them lowercase ‘d’ debt. (Yes, even the 25-year mortgage.) But then there’s capital ‘D’ Debt: the kind that governments, corporations, and nations sling around in sums that make your Visa bill seem quaint.”
Read more about debt, risk-free rates, and how we approach risk for the sake of returns.
Some Things Never Change
“At 5:40 a.m., the world is quiet—just the birds and the hum of possibility as I wait for my coffee to brew. My morning ritual begins. Scrolling headlines about political upheaval, AI breakthroughs, and record heatwaves. Every day, the news insists we’re living through unprecedented times. But are we? Or is this just the latest chapter in a story every generation tells itself?”
Read our advice on planning for slowdowns and delighting in surprise success.
Running the Retirement Marathon
“They say life is a marathon, not a sprint. But perhaps a more accurate description is this: life is a marathon with no mile markers, no visible finish line, and a constantly changing course. In that same spirit, retirement is not the rosy finish many imagine. Instead, it unfolds like a shifting route—one marked by unpredictable weather, uncertain terrain, and no guarantees about what lies ahead. So how should we navigate it? For high-net-worth households who’ve spent a lifetime building wealth, the next stride is not earning or saving, but spending—not extravagantly, but meaningfully.”
Discover a beneficial mindset you might want to take on post-retirement.
Kaizen: The Discipline of Incremental Excellence
“In the West, companies often chase silver bullets. In Japan, they chase refinement.
There’s a concept in Japanese business culture called Kaizen. While often translated as “continuous improvement,” it conveys the idea that no system is ever perfect, and every process, every product, can be made slightly better. However, that phrase doesn’t quite capture its essence… Kaizen is not about lofty mission statements or buzzword-laden PowerPoints. It’s about showing up each day to improve a process. Then doing it again tomorrow. It’s the act of walking the same factory floor, over and over. It’s improving workflows, shaving seconds, eliminating motion, and learning from failures. Not just reacting to crises, but anticipating them. Kaizen favours tiny tweaks and process refinements over flashy major overhauls that will make headlines.”
Explore the cautiously encouraging steps of Subaru in the EV market.
Stock Spotlight: Alphabet (GOOGL)
“You don’t search for things anymore, you Google them. That’s how deep Alphabet has embedded itself into daily life. Whether it’s navigating traffic, sending emails, or arguing with your smart speaker to “set a reminder,” Google’s ecosystem has become almost inescapable. Google is more than just a search engine; it’s practically a utility.”
Read about how Alphabet continues to innovate despite two decades at the internet's helm.
Qube Insights: Equity Research Traffic Lights
Transparency is prized here at Qube. At the back of every Commentary, you’ll find our traffic lights. They indicate which companies are held in our Kaleo portfolios, which are not, which we would consider buying, and which we would consider selling.