Morphology - the pUNk pERsPeCtIve on Investing

Morphology - the pUNk pERsPeCtIve on Investing

Full circle

The collective noun for financial soothsayers could well be a "woozle"

Brett Tulloch's avatar
Brett Tulloch
Jan 19, 2026
∙ Paid
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Pooh and Piglet tracking investment trends

At the beginning of time, when I first set out to do my own thing in the realm of investment research, the first concept I investigated was demographics. I did so because I was aware of the global phenomenon among developed nations of an aging population, and I was also aware that the number of economic agents in a system (i.e. population) determines the level of economic transactions, in addition to the amount of financial leverage employed. Furthermore, the method of measuring all economic activity is its growth rate. So, if populations were to stop growing (either through slower growth rates or even contraction), it seemed reasonable to think that economic growth might struggle, especially when interest rates had achieved the princely level of zero (and in some places, below zero) and could offer no more assistance.

But then the world went sideways on us.

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